There's great news for parents and students: the federal government provides a number of tax incentives that can help defray the cost of higher education. These incentives come in a couple of forms: Tax Credits, which directly reduce the amount of tax you are liable for; and Tax Deductions, which reduce the amount of income on which you pay taxes.
Our annual guide to federal tax benefits for higher education gives you an overview of all the options that may be available to you.
Did you know? You may be able to get free personal help in filling out your tax return!
And, anyone whose adjusted gross income is $62,000 or less can file federal income tax electronically, absolutely free.