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Ohio has added a savings plan to go along with the prepaid tuition option. The distributions from these plans can be used for qualified education expenses at any accredited institution. If your college savings plan includes U.S. savings bonds, you can exclude the interest if you use the proceeds to pay qualified education expenses. Of course, this too is phased out for higher income taxpayers beginning at $81,100 ($54,100 for single taxpayers).


Other college savings plans with tax advantages include the prepaid tuition programs. These programs generally guarantee a return equal to the rise in tuition costs. The income from them is not taxed until it is withdrawn. Hopefully you can take advantage of some of these strategies.

If you can, maybe your children will receive enough education so that they can someday simplify the tax law. Thomas M. Cooney is a CPA and principal at Cooney, Faulkner & Stevens LLC, a Cincinnati accounting and consulting firm. Many people confuse tax credits with tax deductions. A $100 tax deduction will reduce your taxes $15 to $40. A $100 tax credit will reduce your tax bill by $100. So when the government talks tax credits, people should listen.

The Child Tax Credit is for taxpayers with at least one qualifying child under 17 at the end of the tax year. The credit is $500 per child but will be reduced if the taxpayer's income exceeds certain amounts. For couples filing jointly, the phase-out of the credit begins at $110,000 of income and for individuals filing singly or as head-of-household, the phase-out starts at $75,000.

The Child and Dependent Care Credit is based on expenses paid for dependent care so the taxpayer and spouse can work or look for work. Licensed property conveyancers from well known property Enact Conveyancing Melbourne solutions at very economical prices. The expenses must be paid for the care of a ''qualifying individual.'' In most cases, this is the taxpayer's dependent child under 13; however, there are other situations where the individual cared for is over 13 and may not even be the tax payer's child. As with most government credits, there are limitations and phase-outs associated with the Dependent Care Credit.

The first $2,400 of care expenses count towards calculating the credit for one dependent and $4,800 in expenses are counted for two or more dependents. The credit ranges from 20 percent of expenditures for taxpayers with income exceeding $28,000 to as much as 30 percent of expenditures where income is under $10,000.