It is a fact of life. The current tax system rewards taxpayers who are aggressive with their deductions. To find out what people are deducting, we undertook an informal survey of many of our colleagues who are certified public accountants. We found that a handful of deductions show up repeatedly on the tax returns of those taxpayers who tend to be very aggressive with their deductions. How aggressive are you with the deductions you claim on your income tax return each year?
Section 529 college savings plans are tax-advantaged college savings vehicles, and one of the most popular ways to save for college today. Known officially as “qualified tuition programs,” 529 college savings plans have changed the world of tuition savings, much like the way 401(k) plans changed the world of retirement savings a few decades ago. While a 529 plan may be the best vehicle to save for college, you will need to understand the basics in order to make the right choice.
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