You can save money as you pay for college if you know the tax benefits.
As education costs continue to rise, it's important to know the Federal Government offers certain tax benefits for higher education. Please consult your tax advisor or an accountant regarding applicability of various tax credits and deductions. Additional information is available at irs.gov and the IRS can also be contacted at 800.829.1040.
The most common education related tax credits/deductions are:
American Opportunity Credit
Lifetime Learning Credit
Student Loan Interest Deduction
Tuition and Fees Deduction
Coverdell Education Savings Account
IRA Withdrawals (to pay for qualified higher education expenses)
Employer-Provided Education Benefits
Education Savings Bonds
Business Deduction for Work-Related Education