Archive for September, 2016:

10 reasons why financial plans aren’t just for the 1%

Written on September 29th, 2016 by Jamesno shouts

Came across this article and could not have said it better:  http://www.forbes.com/sites/laurashin/2013/08/07/10-reasons-why-financial-plans-arent-just-for-the-1/#265159ee427e

Filed under Personal Finance Tags:

increased tax savings on 529 contributions

Written on September 7th, 2016 by Jamesno shouts

I’m not sure how this news got by me, but the State of Georgia has increased the state tax deduction on 529 contributions:

New Georgia law doubles tax deduction for Path2College 529 Plan

May 05, 2016

ATLANTA — Governor Nathan Deal signed legislation that will double the state tax deduction for families filing a join tax return for contributions made to the Path2College 529Plan. Beginning with returns filed in 2017, joint filers are eligible to deduct up to $4,000 per beneficiary, per year, giving families even more advantages to saving for education-related expenses. Contributions up to $2,000 per year, per beneficiary remain deductible for those who file single or head of household. (Limitations apply. Read the Disclosure Booklet carefully for details.) Contributions to the plan made before the tax deadline each year are eligible for a state income tax deduction regardless of annual income.

House Bill 802, which was sponsored by Representatives Sam Teasley (R-Marietta), was signed into law on May 3rd by Governor Nathan Deal.