College Tax Credits and Deductions

Are you a college student or parent of a college student? You may qualify for certain tax breaks, including the American Opportunity Tax Credit, the Lifetime Learning Credit, or the Student Loan Interest Deduction. Education savings accounts like Coverdell or 529 plans may also help manage college expenses. For a complete list of tax benefits for college students and parents visit: IRS Tax Benefits for Education Information Center.  To learn more about these credits and how they may contribute to your tax savings, read: What to Know About Tax Breaks for College Students and Parents

Grandparent’s Gift

Are you interested in saving money for your grandchildren?  David LaMartina for ThinkAdvisor examines this subject in his article, Investing for Grandchildren (There are a few well-established ways advisors can help clients invest in their grandkids futures without putting client’s own retirements at risk.) In this article, he examines best practices for maintaining your own retirement and savings while setting aside specific funds for grandchildren in a variety of ways.  Everything from 529 plans to inventive uses of life insurance polices.