Planning for college - how to use the tax laws to your benefit when saving for college

planning for collegeFrom tax deductions to tax credits, the tax laws are written to provide generous college-planning benefits to many Americans. Sadly, many parents don't know about these valuable benefits and lose out on thousands of dollars in reimbursement. Judy Murray can help you determine the right tax strategy if you're saving for a future college education, or have a student in college today.

It is important to make sure that you a) understand the tax benefits that are available to you, and b) know how to correctly fill out the Free Application for Federal Student Aid (FAFSA). Tax benefits will put money back in your pocket and a properly-filed FAFSA will help your student get the maximum in loans and grants.

Unsure if you should enroll in a Section 529 plan? Perhaps a Coverdell Education Savings Accounts (ESA) might be better suited to your needs. In addition, some U.S. savings bonds may be eligible for tax-free interest if used for higher education. Judy can explain the specific benefits and requirements of each, and can help you choose a plan that fits your financial goals and ability to fund a plan.

Above all, don't wait! Eighteen years goes by very fast and college costs rise every year. Let us help you create a college savings plan that works for you and your family. Call us at (603) 432-0310 for help in planning for college and understanding related tax benefits.

About Judy Murray, CPA