Most Americans start education programs and plans in the fall from Pre-school through adulthood. Education conferences are attended more often in the fall of the year than at any other time of the year. Employers schedule performance evaluations in the early fall, and you may be considering classes to achieve your performance goals. That makes the fall the perfect time to discuss funding for long and short-term education plans with Accolade Accounting.

At Accolade, we establish education tax deduction programs like 529 plans and other education plans that fit your career goals and your kids’ college goals! With the astronomical cost of education, people most often think of loans as the primary source of education funding. Loans are a common option, but why get a loan when you can create a program to fund your education yourself! Finding the right tax-saving program can keep the cost as low as possible. If you decide on a loan or supplemental loan for education, I’m a loan expert. During the COVID shutdown, I advanced MY OWN education to become a PPP – Paycheck Protection Program Loan expert. I know loans!

As you close out your personal or professional year, I want to review your education goals with you and prepare for the changes in taxation plans that could give you an “edge” for next year. Don’t forget, this year’s PPP business loan program is forgivable under specific guidelines that have changed during the year.

Time is running out! To grow the most toward your existing goals or create new ones, Schedule your appointment NOW to take advantage of tax opportunities to achieve your goals and make the adjustments needed to maximize your tax benefits.

Cheers!
JD Longino, CPA

The post Get more education with Pre-tax contributions! appeared first on Accolade Accounting.

When your year has been profitable, making charitable contributions at the end of the year can be a way to reduce taxable income WHILE helping others in need. Contact us BEFORE you take money out of your business to avoid unintended tax consequences or damage to the business entity.

Here are 4 great ways to consider helping others while reducing your tax expense.

HUMANITARIAN. Several organizations are first to provide aid or comfort when disasters hit. Not just natural disasters but social disasters and of course, this year COVID-19. Heroes sprang into action from the medical community to individuals caring for their family and neighbors. Many of the organizations that support our heroes were already in existence and many others were created as a result of their courage.

HOMELESSNESS. When community volunteers come together to repair homes for senior citizens or build affordable housing for families who have been financially stricken your contributions are a blessing!

MENTOR CHILDREN. From local to national organizations, encouraging the possibilities and potential of our children gives them opportunities they might not have realized on their own. Without mentorship and encouragement, many children never know what they can become.

RETIREMENT SAVING. Contributions to your retirement or living legacy plans will ensure you and your family will have a secure future as you transition from full-time employment into retirement.

For more contribution plans and learn how you can be a blessing to others and your own legacy with your end of the year contributions, contact Accolade Accounting! Where here to help!

Cheers!
JD Longino, CPA

The post Are charitable contributions good for the end of the year? The short answer is YES. appeared first on Accolade Accounting.