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Here’s a quick look at this year’s new tax breaks.

Child Credits: Couples with adjusted gross income (AGI) of $110,000 or less ($75,000 for single parents) will get a $400 tax credit for each child age 16 or younger. The credit phases out, disappearing at AGI of $120,000 for couples ($85,000 for singles).

Tuition Credits: Beginning in January of 1998, you can claim a Hope credit of up to $1,500 a year per student for tuition or fees for the first two years of college for your child, yourself or your spouse. Alternatively, you can claim a Lifetime Learning Credit of up to $1,000 a year for post-secondary tuition and fees or professional training paid after June 30. Both credits phase out for couples with incomes between $80,000 and $100,000 (between $40,000 and $50,000 for singles).

Student Loan Breaks: If you are still in the first five years of your loan pay back period, you will be able to deduct as much as $1,000 in interest for 1998. This new break phases out for individuals with AGI between $40,000 and $55,000, and couples between $60,000 and $75,000.

Education Savings Accounts: Now you can contribute up to $500 a year per child, after tax, to a new Education Savings Account at a bank, brokerage house or mutual fund. Your investment can grow tax-deferred, and be withdrawn tax free for college tuition, room, board, books and other supplies. This break phases out for couples with AGI between $150,000 and $160,000, and singles between $95,000 and $110,000.

Improved State Prepaid Tuition Plans: These programs allow you to prepay college tuition through a lump sum investment or installments that grow tax deferred. Now you will be able to use the money for room and board as well as tuition.

Volunteer Mileage Write-Offs: If you use your car for volunteer work, you can now deduct 14 cents per mile instead of only 12 cents.

Estate Tax Breaks: The lifetime estate tax exemption will rise from $600,000 to $625,000 in 1998, increasing to $1 million in 2011.