Whether your children (or grandchildren) are 2 or 20, there’s one big thing probably weighing on your mind: How to pay for college. You’re not alone. According to recent studies, 42% of parents surveyed say their top money concern is paying for their child’s education.
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Who should take the educational tax breaks, me or my child?
That’s a great question! The answer is: It depends.
High school and elementary school tuition can now be paid through a 529 savings plan.
For many families, use of Section 529 plans or “Qualified Tuition Programs” for college tuition planning has provided a great way to exempt the growth of a dedicated asset account when used for qualified education expenses.
The 2017 Tax Cut and Jobs Act made changes to this tool to allow for up to $10,000 in annual expenses for tuition with enrollment or attendance at a qualified elementary or secondary public, private or religious school.
Back to school shoppers have the opportunity to pay a little bit less for purchases in early August.
Ohio’s sales and use tax holiday begins at midnight on Aug. 3 and runs through Aug. 5 at 11:59 p.m.
The state’s legislature passed legislation in March to create a permanent sales tax holiday each year on the first Friday, Saturday and Sunday of August.
With school just a few weeks away, many parents are in the thick of back-to-school shopping. The thought of spending countless hours in the stores and comparing sale prices online to save on pencils, paper, book bags and school clothes can be daunting.
Fortunately, the State of Ohio has renewed legislation allowing for a second sales tax holiday, August 5 – 7, 2016. This sales tax holiday only applies to certain types of goods purchased from 12:01 am August 5th through 11:59 pm August 7th.
Many of my clients have a child heading off to college in a month or two and have asked about 529 Plan withdrawals to help cover upcoming education expenses.
Contrary to what some may think, not all withdrawals are tax-free. Therefore, it is important to understand the basics of 529 plan distributions to avoid paying unwanted federal income tax. While it can be confusing, much like venturing into a college classroom, we’ve broken it down into three simple lessons.
Posted by: Michael Hermes, Tax Senior