If you are confused about which educational tax deductions and credits are available to you, you are not alone! A new report from the Government Accountability Office (an independent arm of Congress) shows that large numbers of students and their families miss out on hundreds of dollars in tax benefits each year.

In their report, the Government Accountability Office analyzed more than 1.8 million tax returns and found that nearly 25% of taxpayers eligible for an education tax break failed to claim one of the available credits or tuition deductions. As a result, these taxpayers missed an opportunity to reduce their taxes by up to $500.

Tip:  If you want to learn more about tax breaks for education, click here. Then, be sure to check out Reference Service Press's line of award-winning financial aid directories--that way you can find even more money to help you pay for college.

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News report posted August 21, 2005.
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