Tax Planning to Help You Reach your Education Savings Goals

Saving for college is one of the biggest stressors parents face as the cost of education continues to rise.  For business owners and entrepreneurs, the stress can be doubled if you have not had the ability to save to the extent you would have liked early in your children’s lives.

At Lanphier LLP, we can help you develop unique strategies to save for your children’s education while allowing those savings to be partially funded with federal and state tax savings.  This can include paying your children as employees of your business for bona fide services performed and using those amounts to fund a Section 529 savings plan.  

The Tax Cuts & Jobs Act has enhanced the ability for this type of planning beginning in 2018.  Not only did this new law increase the amount that you can pay your children tax-free, it also opened the opportunity to use Section 529 funds for primary and secondary education in addition to college. 

We look forward to partnering with you in determining the best strategy for your family.  Contact our firm today to schedule a consultation with one of our tax specialists.