Tax Tip: Education Breaks for Everybody

March 25 -- One of the new tax breaks available this year is the tuition and fees deduction. It won't cover everything, but every bit helps.

"This is a maximum of $3,000," says Don Roberts of the Internal Revenue Service.

Roberts of the IRS says this may help with college and graduate school expenses.

"This would be for any higher education tuition and fees that you have paid during the year," he says.

When Congress approved this new $3,000 deduction, it placed earnings limits on who can qualify, targeting the benefits to those who are considered to be middle class, says Roberts.

"For taxpayers whose adjusted gross income is under $65,000 single or $130,000 married, filing jointly," he says.

And it's not just for your kids.

"Could be for yourself. Could be for a dependent," says Roberts.

Best of all, you don't have to itemize to claim this deduction. It's one of several new education incentives in the tax law, including student loan deductions, and write-offs for teachers expenses, and the expansion of those programs allowing you to prepay your child's tuition.