With school either already started or about to start, what a lot of people don’t consider amidst this busy time of year are the tax breaks available to parents and students alike. William Perez of About.com writes that they should:

“With school starting again, this is a good time to review different tax breaks available to students and their parents. Tax planning for higher education often revolves around figuring out whether the student will still be claimed as a dependent. Sons, daughters and other closely related persons can usually be claimed as a dependent under the qualifying child criteria until the year the child reaches age 24, provided the child is enrolled as a full-time student for at least five months out of the year. If the child is age 24 or older, they might still qualify as a dependent under the qualifying relative criteria. You’ll want to pay attention to how much income the dependent earns, as under the qualifying relative criteria the person will qualify as a dependent only if their total income is less than $3,900 for the year 2013.”

Check out the entire article, which is full of good information, right here.