Another school year is in full swing. Whichever side of the desk you sit on, you may find some tax benefits waiting for you. Being aware of them now is the first step toward claiming them on your tax return next year.

If you're an educator, you may be able to deduct out-of-pocket expenses for books or classroom supplies, but this break won't last long — check out the details and limitations on the educators' deduction.

If you're a student, or your dependent is, there may be several ways that you can cut your taxes because of higher education expenses or student loan interest you paid — read the Good News for Students