College tax credits and deductions for your 2010 return

Hooray! It’s 2011 and like the most of the population of the U.S., you’re probably gearing up to ring in the new year by filing your 2010 taxes in hopes of a hefty return! If you or a dependent attended college during 2010, you’re in luck because the federal government offers tax credits and deductions to help lighten the college tuition load. There are two different tax credit options to choose from (Usually three options, but the “Hope Credit” is unavailable for the 2010 tax return) as well as a standard deduction for higher education.

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