Federal Tax Benefits
Fees Tax Deduction
Learn from the IRS how you can reduce the amount of your taxable income by as much as $4,000. You can claim this even if you do not itemize deductions on Schedule A (Form 1040). This may be beneficial to you if you cannot take either the Hope or Lifetime Learning credit.
Student Loan Interest
Taxpayers with qualified student loans may deduct the interest they paid for themselves, their spouse or their dependents.