Just in time for 2018, Congress pushed through the new tax-overhaul bill. No doubt many parents are wondering how these new laws will impact their plans for college funding. I know this because I have been inundated with emails and support questions regarding the subject.
I read IRS code a lot. I have a deep knowledge base regarding taxes. I have the honor of working with some of the top CPAs, tax attorneys, and Enrolled Agents in the country. I have read the new tax bill and I have consulted with a few of them about the new tax bill. However, before you read my analysis on how the new tax code can affect your college funding plans, let me issue the following caveat:
I, Stefan Belhomme, am not a CPA. I do not run a tax service, or get paid to provide tax advice.
Furthermore, our position here at College Plan Today is to educate small business owners with college-bound children about the college funding process. There are many tax strategies we cover in our client engagements. However, just because we know tax strategies, we don't provide complex tax advice.
Now that we have that out of the way, how does the new 2018 tax law affect your college funding plans? Specifically, in regards to cash flow and financial assistance, the simple answer is...