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College Planning & Savings Plan

College Planning & Savings Plan

College Planning & Savings

Working with a Professional for a College Planning & Savings Plan is a Smart Choice

You work with a Certified Public Accountant (CPA) for your taxes and insurance agents to protect your auto, home, life, business, and more. Doesn’t it make sense to work with an experienced professional like David Macino on a college planning & savings plan?

Between the cost of tuition, books, housing, and incidentals, college expenses represent a major investment for families. It’s never too early to start planning for a brighter future for your child.

Tax Advantages and Other Incentives of 529 College Savings Plans

As a father of three daughters, David can personally relate to your situation. Many parents have anxiety about the high costs of college and feel confused about where to even begin saving. He wants what is best for your family and will help you discover the college planning and savings options that make the most sense for your situation.

One thing we will likely speak to you about is the 529 Plan offered by the Internal Revenue Service (IRS). Congress passed legislation in 1996 that allowed parents to put money aside to save for future college expenses for their children. The official name of the savings plan is Qualified Tuition Program . People refer to it as the 529 Plan because it appears in the 529 section of IRS code.

Each state sets its own limits on how much you can contribute to a 529 Plan. The money you put in can be for any beneficiary, even yourself. There are no income limits and you do not have to pay taxes on the money when you or a beneficiary deducts it to pay college expenses. Best of all, the first $14,000 in contributions qualifies for the annual gift tax exclusion.

David likes and recommends using the Ohio College Savings Plan where your 1st $2000/ yr. savings is a tax deduction from your Ohio State income tax.  Plus, the website is user friendly where you can set your children’s plan yourself.  Davis is always willing to guide you through the process.

Other Possible Options

You may want to look at college planning and savings options such as stocks and bonds or a Roth Individual Retirement Account (IRA). The latter allows parents to withdraw funds without penalty before age 59 ½ as long as the money goes towards qualified college expenses.

When you work with David, he puts you back in control of saving for college. Get in touch with Macino Financial Services today to request your consultation.

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Investment advisory services offered through Virtue Capital Management, LLC (VCM), a registered investment advisor. VCM and Macino Financial Services are independent of each other. For a complete description of investment risks, fees and services, review the Virtue Capital Management firm brochure (ADV Part 2A) which is available from your Investment Advisor Representative or by contacting Virtue Capital Management.
 The content of this website is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives.
Information provided is not intended as tax or legal advice, and should not be relied on as such.  You are encouraged to seek tax or legal advice from an independent professional.

Investment advisory services are offered through Virtue Capital Management, an SEC Registered Investment Advisor. Macino Financial and VCM are independent of each other. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the Commission and does not mean that the adviser has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss. Changes in investment strategies, economic conditions, contributions or withdrawals may significantly alter a portfolio’s performance. There is no guarantee that any specific investment or strategy will be suitable or profitable for a particular client. Past performance is no guarantee of future success. We cannot guarantee that a portfolio will match or outperform any particular benchmark. None of the content should be viewed as an offer to buy or sell, or as a solicitation of an offer to buy or sell the securities discussed. Information on this website does not involve the rendering of personalized investment advice, but is limited to the dissemination of general information on products and services. A professional adviser should be consulted before implementing any of the options presented.