Educational tax credits : You can write off qualifying school or college tuition and other educational expenses through educational tax credits or deductions, such as the American opportunity tax credit. Earned income tax credit: For those who are eligible, this tax credit can offer up to $7,830 in tax year 2025 for working families with three children. Review your 2025 tax bracket now and get familiar with tax deductions and credits to get ready to file your tax return.