News & Articles

Be Careful When Saving for Your Kids' Education

Posted on Wed, Jan 30, 2019

Here's a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student's chances for getting financial aid later.

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Tags: Financial Aid, Retirement Accounts, College Savings Plan Accounts

What You Need to Know About 529 Plan Withdrawals

Posted on Wed, Oct 25, 2017

The big advantage of Section 529 college savings plans is that withdrawals used to cover qualified higher education expenses are free from federal income tax (and usually state income taxes too). That part is very easy to understand, but the full story on withdrawals is not so simple. What are qualified expenses? What happens if you take out money for expenses that aren't qualified?

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Tags: 529 Plans, Section 529 Plans, College Savings Plan Accounts, withdrawals

Want Tax-Free Income? There Are Still Ways to Receive It

Posted on Mon, Jun 03, 2013

You may think you have to pay tax on all income you receive, but it's not true. Even with the federal tax increases that went into effect at the beginning of 2013, there are still some ways to earn income that is free from tax.

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Tags: Tax-free Income, College Savings Plan Accounts, Roth IRAs, CPA Firm, Echelbarger, Federal Income Tax, EHTC