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…
Best 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…
Can 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…
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…
529 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
How to hire your child [Tax Deduction]
IRS Family Help page The SBA website, “5 reasons to hire your child.” FLSA Child labor Rules Rules for working under 14 Child labor exemptions from The US Department of Labor How and where to apply for your businesses EIN on the IRS website. The 17 Hazardous Occupations by…
6 Money Mistakes to avoid for New Parents
As a new parent and having a baby, you are focused on one thing and one thing only — the baby’s health. You have the right thinking. You want to be a good parent. You know it’s a huge responsibility, and you made sure that your home was a welcoming environment. Okay, maybe you’re still…
Tips for Paying Off Student Debt
Congratulations Class of 2014! What an accomplishment. And also a second congratulations needs to go out as you are the highest indebted class in history. According to an analysis of government data by Mark Kantrowitz, publisher at Edvisors, this year’s graduate has an average student-loan debt of $33,000. Factor in inflation adjustments and that’s almost…
Planning for College
A financial advisor is the quarterback of your professional team when it comes to saving for your child’s education. Sending a child off to college can be one of the happiest and satisfying days in a parent’s life. The joy of planning for college can also be met by stress if the family is not…