Boost Your Savings this Tax Season

diploma and piggy bank isolated on whiteTax time is a great time to think about opportunities to save more money. Really! Consider the contributions you make to Edvest accounts for your children or grandchildren. If you are a Wisconsin resident, you may be eligible for reductions in your state taxable income of up to $3,100 per child. You do not have to be related to the child to take advantage of the state tax benefit – just a Wisconsin resident.

For example, if you contributed $3,100 per child for two children, it could reduce your state taxable income by $6,200. The lower your taxable income, the lower your taxes. Depending on how much you contribute, if you contribute more than $3,100 per child, you may be eligible for several years of state income tax deductions after your contribution.

Save your refund

Reducing your taxable income is one way to save money. Another is by putting your refund to good use.

If you get a refund, consider using some or all of it as a contribution to your child or grandchild’s Edvest account. It’s a simple way to contribute a little bit more to your child’s future. And, any earnings have the opportunity to grow free from state or federal taxes – another way your savings can add up.

Visit our website to learn more about the tax advantages of saving with Edvest including Wisconsin and Federal tax benefits as well as the opportunities for estate planning and accelerated gifting.

Have questions? Contact the Edvest College Savings Plan directly at 1-888-338-3789, Monday – Friday, 7 a.m. to 7 p.m. and visit http://529.wi.gov/ for the latest state tax information.

For more info or to open an account, visit www.edvest.com

Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.