College Costs Rising

The average cost of college has risen to over $25,000 a year for public schools (in-state) and over $54,000 a year at private colleges and is increasing at more than 7% annually. These costs include only tuition, fees, and room and board, but not books, computers, supplies, or living expenses. What’s worse, it’s unlikely you’ll qualify for need-based financial aid to help cover your children’s college costs due to your higher income.

Increased Savings From Tax-Deductible Funding

Most advice for college savings involves what type of accounts (Section 529 plans, Coverdell Savings Accounts, Custodial accounts, Roth IRAs, etc.) to fund. Unfortunately, this approach overlooks the tremendous tax saving opportunities available, since no federal income tax deduction is allowed for contributions to any of these accounts. Using the strategies discussed below, Mario Santiago, CPA*, a tax and business planning advisor with McGill and Lyon Dental Advisors, has helped his clients pay college, graduate school, and professional school costs with tax-deductible dollars to reap savings of more than $100,000 per child!

Bigger Savings From Employing Your Children

Understaffing has prevented many practices from reaching their maximum production potential these days. Part of the solution may be living under