This tip from the IRS discusses the tax savings of two education credits: The American Opportunity Credit and the Lifetime Learning Credit. See the details in the link below:

http://content.govdelivery.com/accounts/USIRS/bulletins/acc774?reqfrom=share

The American Opportunity Credit is harder to qualify for, but gives you a larger credit (plus part of it is refundable, so if you have low taxes you may actually be able to get some cash back!) To qualify for either credit you need to have form 1098T from the qualified school you went to. Most schools have online access to this form through either your student account or the billing area of their website. Call the school admin if you are having trouble finding it.

For financial, accounting and tax musings,