College Tax Breaks and Tips for Filing

It’s December! As you round up your end-of-year to-dos, we want to share with you a few college related tips to consider while planning your 2018 tax filing. Be sure to check with your tax professional to confirm whether any of these tips apply to your tax situation.

College Tax Breaks

Are you making the most of possible tax breaks before, while and after your kids are in college? Depending on where your student is in their educational career, there may be strategies you should be implementing to minimize taxes during these expensive years.

Do College Students Need to File Taxes?

It depends. Students will want to file if they earned more than $12,000, had any tax withholding on a W-2 or any of these reasons.

Make Your Tax Season Easier

Give us a call, sign up for a complimentary college funding consultation or register for an educational webinar today!

Happy Holidays from all of us at Westface College Planning!

Beatrice Schultz, CFP®
Westface College Planning
www.WestfaceCollegePlanning.com
www.WestfaceFinancial.com

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Tips for Parents of Seniors

How to Make the Most of Your College Tax Breaks

By Gail MarksJarvis Reuters  Published on STL Today

All that tuition you pay has one silver lining: tax breaks.

If you want to make sure to be able to claim the most possible when your tax return is due in April, then you may want to make some moves now to prepay some bills or to max out your retirement accounts to lower your income.

If you have young kids

Federal tax law changes this year let families use up to $10,000 per year from a 529 college savings plan to pay private school tuition. But beware: Not all states mimic the new federal rules, and you could be hit with state tax penalties or have to pay back past state deductions or credits.

Find out more

 

How to Survive Paying for College Webinar

How to Survive Paying for College Webinar

January 10th 2018 • 6pm – 7pm

At our free paying for college webinar, we’ll show you how to start navigating the paying for college process. Learn how to calculate your Expected Family Contribution (EFC), Cost of Attendance (CoA), the FAFSA & CSS profile, public vs. private costs, & more!

 

In College News

Tax Filing Tips for College Students

By Susannah Snider  Published on U.S. News & Word Report

Filing taxes as a college student comes with a unique set of challenges. And determining whether and how to file taxes requires taking note of your previous year’s employment, wages, tax withholding and parents’ tax strategies. You may want to use the upcoming Thanksgiving holiday or winter break from school as opportunities to bring up a few tax questions with Mom and Dad.

Here’s what college students should know about filing taxes.

See the tax tips