The Taxpayer Relief Act of 1997, introduced a wide range of tax-saving benefits to the American taxpayer.

You can cut your tax bill if you qualify for the Child Tax Credit. Or one of the credits relating to higher education. The full amount of the credit comes right off your total tax. It's as simple as that. There are many IRA benefits. The Roth IRA is a new way to save without paying tax on the earnings - not even on future gains or interest, provided you follow certain rules.

The Education IRA helps you prepare for the costs of higher education.

Other interesting options are making traditional IRAs more open and more accessible to the needs of education or a first home.

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