End of Year Tax Tips – Part 2

College Planning

529 Plans. 529 plans are college savings plans where the earnings grow tax free until they’re used for educational expenses.

Please contact Griffin Black soon if you’re interested in setting up a 529 plan.

Financial Aid. Your 2018 income will be used to determine your financial aid eligibility for the 2020-2021 school year. Methods to lower your income can increase your potential financial aid. For parents living apart, only the income of the parent that the student lived with for most of the year is considered. Having the student live with the lower income parent may increase financial aid eligibility.

 

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At Griffin Black, we spend a lot of time thinking about our clients’ accounts. After all, our clients expect us to guide their investment strategies in a way that enables them to build wealth. But the most important conversations we have with our clients often center on matters that don’t boil down to dollars and cents. In fact, we’ve written previously about the importance of integrating your financial planning with the core priorities in your life: your “why,” in Simon Sinek’s terms.
US Dollars
The events of the past several days provide us all with an instructive backdrop for several important financial topics. Even folks who don’t routinely pay attention to financial goings-on are now likely to have heard about the collapse (and subsequent rescue) of Silicon Valley Bank. The first and most obvious of these is a reminder that stock investing always comes with risks. When the economy is booming and companies are doing well, it’s easy to forget about risk. But it’s always there. That’s why the first thing we think about when investing in the stock market is how to manage risk.

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