If you or your dependents are attending college this fall,
you may be eligible for some help from the government in the form of a tax
credit. Discussed below are the American
Opportunity Tax Credit and the more limited Lifetime Learning Credit which are
available for qualifying taxpayers who pay tuition and other college expenses
for themselves or their dependents. Also
ask your CPA about a deduction for student loan interest paid during the year. In addition, many states (including New York)
offer college tuition credits or deduction from income, as well as tax
deductions for contributions to qualified 529 plans.
