Learn how the sales tax deduction works, how much you may deduct, and how to weigh your alternatives in order to minimize your tax liability.

Children's savings accounts, also known as youth savings accounts, are offered by banks and credit unions to clients younger than 21 years old, with some institutions setting the upper age limit at 12 or 18 years old. To encourage younger savings and compete with adult accounts, the top provides interest rates greater than those offered to adults. On the other hand, the sums on which such higher interest rates are applicable are often limited in some way.