Education tax credits can help offset the costs of education. If you or your dependent is a student, there are two educational tax credits that cover common student expenses that you may be eligible for. These credits provide greater tax savings than a tuition deduction since they reduce your tax bill on a dollar for dollar basis.
American Opportunity Credit: with this tax credit you can save up to $2,500 in tax for the education expenses of each eligible student.
Lifetime Learning Credit: this is eligible to all taxpayers who attend at least one course during the year at an institution eligible to participate in the federal student aid program. It comes with a maximum benefit of $2,000.
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