Education Planning
Should You Stop Funding Your 529 College Savings Plan for Tax Savings?
You are about to read a strategy that may reduce your adjusted gross income and save you thousands in taxes. I strongly urge you to read the entire blog and think long and hard about how you can work it into your 529 plan savings strategy. I’m a big believer that when there is a…
Read MoreBest College Savings Plan
There are several options for college savings plans. The best plans offer flexibility in saving, tax-free growth, and a wide range of investment options. In my opinion, the 529 college savings plans and the Coverdell Education Savings accounts are among the top plans. However, the Coverdell ESA usually offers more investment options than the 529…
Read MoreCan a sole proprietor pay $5,250 tax free toward student loans?
The educational assistance program was expanded by the the he Coronavirus Aid, Relief, and Eco-nomic Security Act, aka the CARES Act, to include certain employer payments of student loans paid after March 27, 2020. Originally set to expire after one year, the expansion has been extended through 2025. Payments up to $5,250 may be deducted…
Read More529 College Savings Plan: Target Date Funds
529 College Savings Plan Gifting
I was setting up my youngest daughters 529 College Savings Plan the other day and saw a gifting link on the 529 plan website. I’m always being asked how much to set aside for college and what are the best plans and strategies. But most of those strategies are funded by you and thought maybe…
Read More529 College Savings Plan Cost Calculator
Here is the link to the 529 Plan cost calculator. The link originated on the Utah 529 Plan but they are not the designer or responsible for the data. It is accurate but I wanted to point that out because I did mention it in the video. https://tools.inviteeducation.com/tools/college_savings_estimator?client_id=209
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