Getting Your Financial Ducks In A Row Rotating Header Image

coverdell

No K-12 Tax Break for Using Illinois’ Brightstart

The tax bill provided more flexibility for using 529 funds. Illinois has chosen to disallow this flexibility for Brightstart or Bright Directions plans.

Education Expense Tax Tips

One way to help ease the bite of the cost of a college education is to use all available tax rules to your advantage.  There are several items you can use, including 529 plans, Coverdell ESAs, and various credits for tuition and fee payments. The IRS recently released their Summertime Tax Tip 2013-19: Back-to-School Tax Tips for Students and Parents, providing a valuable overview of a couple of important credits and deductions.  The actual text of the Tip follows: Back-to-School Tax Tips for Students and Parents Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress. American Opportunity Tax Credit.  This credit can be up to $2,500 per eligible student. The AOTC is available for the first four years of post secondary education. Forty percent of […]