Michael Sicuranza CFP®, AEP®’s Post

The government revealed that VAT on private school fees and boarding will come into effect from 1 January and the 20% rate will also apply to pre-payment of fees. There is also an anti-forestalling measure, so any fees pertaining to the term starting on or after 1 January 2025 will be subject to VAT from 29 July 2024. I know many people who are already struggling to afford private school fees for their children and are looking to transfer them to state schools. I hope the state school system can accommodate the influx of new students who will inevitably make this transition in the coming months. https://lnkd.in/e5vsevzn

If you have a Registered Education Savings Plan to help with your child’s education, you know careful planning is required to make the most of all your contributions over the years. But even when your child is finally off to school, withdrawing from your RESP also requires a strategy in order to access the funds in the most efficient way. In this video, we explain when students can access Educational Assistance Payments and how much they can receive.

For those parents who have children in private schools, who are either paying the fees or who have scholarships. Or if your state school is using an independent school’s sports or other facilities this is likely to be of interest! If you force independent schools to act purely as businesses, then what is there economic incentive to share their resources with their state owned peers?! VAT on Private School Fees Consultation Ending Soon! It has only just come to my attention that H.M. Treasury has opened a consultation—created under the Labour Government—on imposing VAT on private school fees. Unfortunately, key contact information for submitting responses seems to be buried in the documents (refer to page 21 of the first PDF and page 3, item 22, of the third document linked below). Many people remain unaware of this consultation, and the deadline for responses is this Sunday, 15th September! Please consider sharing your view with the Government. You can go directly to the Government website by clicking on the following link. https://lnkd.in/ecUVXMTY

Using your private school tax credit can help a child attend private school.  $2,609 for a married couple filing jointly and $1,307 for a single taxpayer, head of household, or married couple filing separately can make all the difference to a child. These dollar-for-dollar tax credits help pay private school tuition scholarships. You can recommend a school, a child, or IBE’s most needy fund.

voucher scheme proponents want Black kentuckians to believe voting yes on amendment 2 will create new opportunities for our children to attend elite private schools. it’s a lie. in reality, the average voucher award in neighboring states falls far short of the total private school tuition leaving Black families on the hook for the difference. instead of diverting taxpayer money from public schools—where 90% of students attend—we need leaders in frankfort to address teacher shortages, fund universal pre-k, and fully fund the transportation that kentucky families need. Black kentuckians should vote NO on amendment 2. (source edchoice.org)

20% VAT on private school fees from Jan 2025, exemptions for some services and uncertainty around pre-paid fees. Check out my short comment piece for more detail and some musings... #VAT #PrivateSchools #UKGovernment

Your tax credit contributions are key to students across Georgia who depend on this funding for tuition payments, books/supplies, housing, transportation, etc.    The map below shows where these students are attending school, and the list is as diverse as the young adults receiving help. To learn how you can contribute at no cost visit fosteringsuccessact.org #fosteringsuccessact #fosterchildren #fostercare #georgianonprofits #youthempowerment #socialimpact #supportfosteryouth 

I’m almost sure you are as fond of education as I am! Start this gift early. It helps! To save you some time on figuring out how you can set your kids with a college fund, here are the basics: -post-tax contributions -gains free from federal income tax if used for higher education (money sent directly to the university or vocational school for tuition, fees, books, room and board) -$10,000 max withdrawal for private elementary or high school -some states offer incentives (deductions and credits) -529 owner remains in control of the asset, beneficiary is the child… if not used up, can be reassigned to another family member of any age, multiple times for educational purposes -5.6% FAFSA consideration -Anyone can add contributions through an online link -Gift tax exclusion max (=$17k 2023) (Double for a married couple) can be front loaded for a 5 yr max at once (=$85k 2023) (Double for a married couple) That's all, peace to your home, Constanza

IMPORTANT CHANGES TO THE 529 PLAN, TO CONSIDER IN YOUR PLANNING FOR FUTURE EDUCATION COSTS FOR YOUR CHILD. The SECURE 2.0 Act, passed in December 2022, allows 529 plan beneficiaries to roll over funds into a Roth IRA tax-free and penalty-free. This provision is intended to help families who have leftover 529 funds avoid the penalties associated with withdrawing them for non-qualified expenses. HAVE A PLAN!! WIN THE DAY!!

Teachers invest a lot into their classrooms and students, often spending their own money on essential supplies. That's why the Educator Expense Deduction is vital. Whether money was spent on books, school supplies, or even COVID-19 protective gear, teachers can be eligible to deduct up to $300—or $600 if they’re a married couple filing jointly. Read on to learn what expenses qualify and find out about additional deductions for private tutors and virtual teachers: https://lnkd.in/ekBVCqXH