Tax Warrior Chronicles

Talking Taxes with Kids – 529 Plans, IRAs and 401(k)s

Posted on Thu, Aug 15, 2019

By: Stacie L. Court, CPA, MST

 

There are many benefits to contributing early to education plans, IRAs, and 401k’s – the largest benefit being the advantage of time to compound funds in tax-advantaged accounts.   Children have many years to grow the earnings in these funds, but how do you talk to your kids about the complex world of investing in these types of funds and encourage them to start early? 

 

Let’s begin by discussing these different types of plans:   

 

Section 529 Plans

A 529 plan is a tax-advantaged savings plan used to make it easier to save money for college, post-secondary training and tuition for elementary or secondary schools. 

 

Originally, 529 plans were designed to

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Tax Help with Planning for College

Posted on Tue, Nov 07, 2017

By: Stefanie Ostrich, CPA

 

Those of us with children worry about the rising costs of college. However, with the right planning, you can find tax savings while both saving and paying for college.  In fact, from the time your bundle of joy gets their social security number, you can start saving for their education with significant tax advantages. In this post, The Tax Warriors® show you how.

 

Qualified Tuition Program (QTP) otherwise known as a 529 Plan:  A 529 plan is a way to save for college or post-secondary school.  Accumulated earnings are not subject to federal and state tax when distributions are used for the qualified education expenses of the designated beneficiary. 

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Info to Complete FASFA – College Planning

Posted on Thu, Sep 21, 2017

By: Adele Kilgus, CPA

 

Funding a college education is expensive endeavor. Students and parents are constantly in search of ways to help defray the often six-digit costs. If you plan to attend college between July 1, 2018 and June 30, 2019, it’s time to think about the Free Application for Federal Student Aid (FAFSA). The application window opens on October 1, 2017, and goes until June 30, 2019. Here’s how to take advantage of the opportunity.

 

FAFSA is a form used by the U.S. Department of Education, states, and colleges to help determine financial aid eligibility of students attending college. Types of aid available include Pell Grants, federal subsidized loans, work-study programs,

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