Tax credits, deductions and savings plans can help taxpayers with their expenses for higher education.A tax credit reduces the amount of income tax you may have to pay.A deduction reduces the amount of your income that is subject to tax, thus generally reducing the amount of tax you may have to pay.Certain savings plans allow the accumulated earnings to grow tax-free until money is taken out (known as a distribution), or allow the distribution to be tax-free, or both.An exclusio [...]
