Roni Lynn Deutch believes saving up for your children’s education need not be a taxing job. Known as The Tax Lady, Deutch has been helping millions of Americans resolve their tax problems and concerns with easy and practical tips for two decades.

Roni Lynn Deutch understands the anxiety felt by low-income and middle class parents when dealing with the problem of ensuring their children’s education. Her five valuable tips include:

1. Coverdell Education Savings Account (ESA). Roni Lynn Deutch’s advice to avoid taxes and fees upon withdrawing for your children’s education in the future is to get a Coverdell ESA, which provides for a $2,000 contribution per year until your child is 18. The best part is the distribution cash used for school expenses is tax-free.

2. 529 College Savings Plan. The College Savings Plan will exempt you from taxes.

3. 529 Prepaid Tuition Plan. Using the Prepaid Tuition Plan enables you to save up as you pre-purchase your children’s tuition based on current prices.

4. Savings Bonds. Roni Lynn Deutch thinks Saving Bonds for Education will allow parents to put money in the bond, later to be utilized tax-free for educational purposes.

5. Tax Credits. Parents can use special tax credits like the American Opportunity Tax Credit to save up.

This entry was posted on Friday, July 17th, 2009 at 12:23 am and is filed under Getting Content, Information Hall, Radicals and Others. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.