This from the MN Department of Revenue: It’s almost time to start back-to-school shopping and the Minnesota Department of Revenue is reminding you that most school supply purchases qualify for valuable K-12 tax benefits on your 2019 Minnesota income tax return. Remember to save your school supply receipts. What K-12 tax benefits does Minnesota offer? Two Minnesota tax benefits help families pay their child’s education expenses: the K-12 Education Credit and the K-12 Education Subtraction. Both benefits reduce your state tax and could provide you a larger refund when filing your Minnesota income tax return. Last year, more than 33,000 families received the K-12 Education Credit and saved an average of $244. Over 178,000 families Read More...
What Are The Best Ways To Save For College?
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...