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How Will The Tax Cuts & Jobs Act Affect Families?
Wondering how the Tax Cuts and Jobs Act of 2017 (TCJA) will affect your taxes next year? The tax law will affect families in a myriad of ways. While there were a variety of changes made that affect everyone, this post will focus on the ones that are most impactful to families with kids. Keep in mind that many of these provisions are set to expire in 2025, but this will at least give you something think about as you move through 2018. Tax Rates Were Reduced Tax rates were reduced for all brackets except for the lowest bracket, which remains at 10% of taxable income. There was some shifting…
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Using Your VA529 Plan to Pay for Private K-12 Education
Are you paying for private school for a kid in grades K-12? It's a little painful, isn't it? Well, now there's a way to reduce the sting (a little bit). With the passage of the Tax Cuts and Jobs Act of 2017 parents can use their VA 529 plan to pay for K-12 private school tuition. Each state is different but the Virginia 529 College Savings Plan has adopted their policies to allow Virginia residents to take advantage of this new strategy. Virginia residents can use the VA 529 plan to get a little extra tax deduction on your VA state income taxes (plus some tax-free growth for the super…
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