College is expensive, but so important. In our world today, it’s hard to get a good paying job without a Bachelors or Masters degree. However, the price of tuition, housing and books keeps going up. What if you could have a good savings fund and not have to stress about the cost of higher education in the future? The question is…Have you started saving for that NOW?
Each state offers an educational plan (529 plans) that are tax free and give you other advantages that is so beneficial. You can check out this site to see what 529 plans are available in your state. What are the benefits for opening a 529 plan?
- Flexible Investment Options: Different investment options where you can decide how aggressive you want to be with your investment based on your goals and how long you have to save.
- Tax Advantages: Withdrawals from your account are tax-free when used for qualified higher education expenses. (Includes: Tuition/fees, required books, supplies, computers, related equipment, and internet access, and certain room and board costs).
- Low Fees: Most states educational plans are non-profit which will keep costs low if not free.
- Utah Readers: Utah Resident Income Tax Credit: Utah Taxpayers can claim 5% Utah state income tax credit on UESP account contributions up tot a certain amount for each account beneficiary. The beneficiary must be younger than 19 when the account was opened. If the age requirement is met, you can claim the tax credit every year you contribute for the life to the account.
Utah Readers: Want to get a FREE Back to School Kit? Now through November 2nd, 2016 all you need to do is open a UESP Account online and contribute $10. Here’s how you can score this deal:
- Visit uesp.org and open a new account using the coupon code BTS2016 at checkout
- The account owner and beneficiary must both be Utah Residents and new to UESP
- The beneficiary must be the child of the account owner.
- The account must be opened on or before November 2, 2016 with a $10 contribution
Fine Print Includes: Limit 1 kit per account open-end. Allow 4-6 weeks for delivery. Quantities are limited. Kit includes: (2) pencils, pencil sharpener, an eraser, a 6-inch ruler and a pencil case.
Have you started an Educational Savings Plan? Comment and share!