Why 529 plans can help prepare for the near and distant future

The cost of education continues to climb to the point where many parents and students simply acknowledge they will need to take out significant loans in pursuit of a diploma or degree. By planning early, parents and grandparents can help eliminate, or significantly decrease, the need to be saddled with debt before they even get […]

Education tax credits can help with rising cost of college

A new school year has begun, which makes it a good time to think about how you may be able to save some money by taking advantage of some available tax credits. It’s no secret that cost of higher education is climbing ever higher. According to the College Board, the average cost of tuition and […]

Back-to-school time means a tax break for teachers

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the […]

Florida taxpayers eligible for sales tax breaks for donating to scholarship programs

Taxpayers in Florida have some more options this year to donate to scholarship programs and receive a break on their taxes. Florida Sales Tax Credit Scholarship Program: Under legislation that was signed recently by Gov. Rick Scott, those renting or leasing property can receive a 100 percent credit on the sales tax imposed on the […]

Public education tax credit offered in Georgia

A new tax credit for donations to public education will be available beginning in January for Georgia taxpayers, but the credit is limited so it’s best to act soon. Beginning Jan. 1, 2018, and running through Dec. 31, 2020, the state of Georgia is offering a nonrefundable Georgia income tax credit for donations specifically to […]

Some tax breaks are set to expire after 2016

For over a decade, we have been faced with a long list of popular tax breaks with set expiration dates. In the past, Congress temporarily extended the majority of these tax breaks every few years. In December 2015, President Barack Obama signed the Protecting Americans From Tax Hikes Act Of 2015 (PATH Act), which removed […]

New education tax provisions are available this year

Over the past 15 months, Congress passed several pieces of legislation containing a variety of new tax provisions, including some tax breaks for education expenses. Taxpayers must have Form 1098-T in order to claim education credits or tuition deductions. Generally, educational institutions are required to provide Form 1098-T to students and file a copy of Form […]

Teachers get a (tax) break

Historically, teachers have been allowed an “above the line” deduction (with an annual cap of $250) for various school supplies. However, starting in 2016, in addition to allowing teachers a deduction for school supplies, the PATH Act allows teachers to also deduct (subject to the overall annual cap of $250) amounts paid for certain professional […]

Get schooled: Education savings accounts can be a benefit

Parents with college-bound children are undoubtedly concerned with setting up a financial plan to fund future college costs. The goal for parents whose children are already of college age is to pay for current or imminent college bills. The two main education savings account vehicles are Coverdell Education Savings Account and a 529 College Savings […]