August Means Back to School
School expenses and tuition are on the top of everyone’s minds right now. If you are sending a tuition check to a k-12 school, college, or university, you are going to want to read this. This is beneficial information for parents and grandparents!
In a previous blog about the 2018 Tax Plan, we touched on the tax benefits of contributing to a Future Scholar 529 plan. In this article we will go into further detail by outlining how you can save on your South Carolina State taxes this year while saving for your child’s future.
In this example, you could save $700 on your SC taxes if you were to pay a $10,000 tuition using a Future Scholar 529 plan, assuming you are in the 7% tax bracket. Please note, your actual tax savings may vary based on the amount of the contribution, your income and your income tax bracket.