A college education can be one of the most important investments you ever make. But the benefits of your child's increased earning power and expanded horizons come at a price — college is expensive. Many families finance a college education with a combination of resources, but your savings are the cornerstone of any successful college funding plan. So it's important to start saving as soon as you can. For 2018/2019, average costs for tuition, fees, room, and board are: $21,370 — public college $48,510 — private college (many private colleges cost substantially more) Source: College Board, Trends in College Pricing 2018 Where should you put your college savings? There are many options to choose from: 529 plans Read More...
Archives for May 2019
May is National Military Appreciation Month!
Minnesota Department of Revenue sent this bulletin at 05/01/2019 11:45 AM CDT In honor of National Military Appreciation Month, the Minnesota Department of Revenue reminds service members and their families about Minnesota’s valuable military-related tax benefits. We will send weekly messages throughout the month to highlight some of these benefits. What military tax benefits does Minnesota offer? Visit the Members of the Military page to learn about tax benefits and how to claim them. Our military tax benefits include: Pension Subtraction You may be able to subtract military retirement pay (including pensions) from your Minnesota taxable income. Credit for Service in a Combat Zone You may qualify for this credit if you Read More...