College Costs Really Are Increasing Again
The College Board reports that the average published charges for tuition, fees, room, and board at private, nonprofit, four-year schools were over $45,000 in the 2016-17 academic year. At public universities, the average charge was around $20,000 for state residents. Both numbers are the highest on record. What’s the bottom line? Parents may need to put more effort into competing for college grants, and to begin FAFSA planning earlier. Read more in this month’s newsletter.
Asset Allocation in 529 Plans
Parents with young children have two broad choices when investing for higher education. One is to invest as you did before you had children, with assets in taxable and tax deferred accounts, under your own names. The other approach is to have a dedicated college fund, or one college fund for each student. For parents and grandparents who prefer a dedicated college fund, 529 plans are increasingly appealing. However, investors face some decisions regarding asset allocation. Learn more in our August newsletter.
Outlining the Trump Tax Plan
As a candidate, Donald Trump promised significant tax reform. A few months after becoming President, Trump released a one-page outline of his goals in that area. As the year goes on, we may see details added to his plan and eventually learn whether major tax legislation is enacted. Such an outline must be fleshed out before it’s presented to Congress for approval or rejection. Read more about Trump’s goals, how they will affect you and when they may become law.
How Small Business Retirement Plans Compare
If your company does not have a retirement plan, or if you’re not pleased with the one you have, this summary can help you see how these choices stack up. In this newsletter, we list your options and a summary of each. Our office can go over your goals for an employer-sponsored plan and suggest options that will help you meet them. Call (757) 420-5778 for more information.
Use our handy tax calendar for upcoming tax dates in August and September of 2017.
Stephen Merritt is a full-service accounting and cpa firm in Virginia Beach offering tax preparation and accounting services for small to medium-sized businesses and their families. Our accounting services and tax services include QuickBooks training; Financial Statements preparation; Compilations, Reviews and Audits; individual, corporate and payroll tax return preparation; and new business formation. Give us a call at 757-420-5778 today for more information.