Direct form the IRS:

The tax code provides a variety of tax incentives for families who are saving for, or already paying, higher education costs or are repaying student loans.

You may be able to claim a Hope and Lifetime Learning Credit for the qualified tuition and related expenses of the students in your family (i.e., you, your spouse, or an eligible dependent) who are enrolled in eligible educational institutions. Different rules apply to each credit. If you claim a Hope Scholarship Credit for a particular student, none of that student’s expenses for that year may be applied toward the Lifetime Learning Credit. (more…)

By Jeanne Sahadi, senior writerJanuary 17, 2010: 2:01 PM ET

NEW YORK (CNNMoney.com) — Everybody’s angry at banks. Federal deficits are wide and need addressing. And the president and Congress are starting to map out next year’s budget.

That means they’re talking taxes in Washington. The capital is awash in proposals for how to raise revenue and score political points.

There’s no guarantee all of them – or even some – will pass.

But they are an indication of the direction the White House and Congress may go as they finalize decisions for how to pay for health reform, reduce debt, support other government efforts and garner votes in a mid-term election year.

President Obama on Thursday called on Congress to recoup any federal bailout money that hasn’t been repaid by imposing a fee on large banks, even if they themselves haven’t taken bailout money, or if they’ve repaid the bailout money they did take. (more…)