As many as one-third of families with college expenses are leaving money on the table by not claiming available education tax credits, according the Iowa College Student Aid Commission. As families and college students prepare to file their 2015 income tax returns, eligible families should keep in mind they can save thousands of dollars by taking advantage of tax credits to reduce federal taxes owed, and deductions that reduce taxable income. Taxpayers can refer to IRS Publication 970, recently released for tax year 2015 and designed specifically for advising families and students on Tax Benefits for Education. Receiving a Tuition Statement (also known as Form 1098-T) will help tax filers take advantage of available benefits and deductions.