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According to the College Board the average tuition for a 4 year private education is $39,518 per year. The average cost of a 4 year in- state public education is $17,860. Either way, it’s a lot of money.
No Fifty Shades of Grey here. Here are Fifty Black and White Tax Deductions and Credits.
1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions.
2) Medical Expenses
3) Medical Miles – The deduction for medical miles is currently 23 cents per mile.
Many employers will offer a 401(k) plan. Employees need to take advantage of this plan. This will likely be one of the cornerstones of your retirement plan. If your employer offers a match, you really need to participate in this plan at least to get the match amount.
The State of Connecticut recently increased the state income tax rates. Oh, and they made them retroactive to the beginning of 2011. Don't you Connecticut income taxpayers just love this?
Next to saving for retirement, your biggest financial challenge is probably saving for your child’s college education. College costs have skyrocketed! People wonder how they will afford the cost of a college education in the future. A 529 College Savings Plan is a very simple way to save money for your child’s college education. The benefits are tremendous. Here are some highlights of the plan: