Education

American Families Plan

How Biden’s Proposed American Families Plan Might Affect You

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President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan.

Tax Reform Adds Education Benefit

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Why are we talking about an education benefit in the middle of the summer?

We know that everyone is in summer vacation mode. No one wants to talk about school now. I mean, the kids are just getting out of school! Well, someone has to bring up the subject to save you money on your education expenses. Therefore, it is time to start making plans for education savings. Even if your child is an infant, you want to think about this subject and ask yourself, “Am I going to send my child to private school?” And, “What if I don’t qualify for scholarships?” After all, scholarships are very competitive. So you want to think about education savings plans.

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Early Year-End Tax Planning To Take Advantage Of Possible Tax Reform

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Wouldn’t you like to know about early year-end tax planning to take advantage of possible tax reform?

So, why do we think early tax planning is appropriate this year? Actually, with the prospect of major tax reform on the horizon, some strategies can be put into place before the end of the year that can substantially reduce your 2017 tax bill. That would be nice.

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Teacher Expenses and Your Tax Return, Teacher Expense on Taxes

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Are you a teacher, principal, counselor or aide for Kindergarten through Grade 12?

Teacher expenses on taxes are eligible, so you can deduct up to $250. Please note that for 900 hours or more that an educator works during the tax year and you spend your own money on classroom supplies or professional development costs, you qualify to deduct up to $250 of those costs “above-the-line” on Schedule A. 

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