We’re blessed here in San Francisco and indeed the entire Bay Area with many wonderful educational institutions. San Franciscans, as a bunch, are “pro” education, often spending thousands of dollars to send their kids to private schools or universities. This month’s eLetter focuses on advice for tax savings when it comes to education. (To download the August eLetter, click here).
Saving on Taxes while Spending on Education
There’s the saying that if you think education is expensive, try ignorance. We agree. We think that knowing a lot about taxes and how to save on taxes is a lot cheaper than ignorance of the tax code. For instance, in this month’s newsletter, we explain changes in the new “Trump” tax law affecting 529 savings plans. Good news for those San Franciscans who send their children to private school; 529’s can now be used to fund pre-college education! Second, for those who are in the Armed Services, the G.I. bill now allows the transfer of benefits. So a Mom who’s in the military can transfer some of her G.I. education benefits to her son, for example. Those two bits of wisdom are the good news when it comes to San Franciscans that want to support education. The “bad” news is that the Trump tax changes take away deductibility for many expenses, including education. An employee can no longer deduct the cost of his education as required for a job, due to the increased “standard deduction.” Regardless, take a read of this month’s newsletter. Educate yourself on the ways you can save money on taxes on your education spending; or, make your life simple, reach out to us and let us do a 360 degree audit of your income, assets, and expenses and create a tax savings plan just for you.
About Safe Harbor LLP – a Professional CPA Firm in San Francisco
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service. Its goal: to be the best CPA firm in San Francisco.
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