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College expenses can be overwhelming, but did you know there are some tax moves parents can take now to reduce their tax bill in 2023? Our tax pro says these are the key credits and deductions for college students and parents.

“The first one is the American Opportunity Tax Credit, and that’s up to $2,500 in credit. And that is for the first four years of college. If they are working on a degree or you’re working on a degree, you could get it or your spouse,” says Lisa Greene-Lewis, CPA and TurboTax expert. “And then the Lifetime Learning Credit, that is up to $2,000 and that could be just for one class. It doesn’t have to be towards a degree.”