Released on: April 3, 2008, 6:14 pm

Press Release Author: Right Now Marketing Group

Industry: Financial

Press Release Summary: Virtually all taxpayers can get help to pay for education
costs in the form of tax credits and/or special deductions

Press Release Body: Southfield, MI-Markwei Boye is a financial planner and CEO of
Smart Financial Advisors, P.L.L.C, an independent personal financial planning and
investment advisory firm. He is an Adjunct professor at Cornerstone University and
Baker College School of Business teaching primarily business courses including Small
Business Management, Personal Financial Planning and Taxation. He has written many
articles on strategic financial planning for everyone, from college students to
entrepreneurs and large corporations. The following is great information for
planning and saving for higher education costs.
Students and their parents can capitalize on a number of different education
benefits. For example, the maximum amount that can be contributed to a Coverdell
Education Savings Account (formerly an Education IRA) each year is $2,000. Any
family member with adjusted gross income below $190,000 in a joint return or $95,000
in a single return can contribute toward the $2,000 maximum annual addition to a
Coverdell account, where the contribution will grow tax-deferred, until withdrawn
for any of a liberal list of education costs -- even private elementary and
secondary tuition. At higher income levels, the maximum contribution is reduced.

State-sponsored prepaid tuition plans (Section 529 plans) offer an attractive way to
accumulate money to pay higher education costs. Both public and private institutions
sponsor tuition savings plans. Parents, grandparents, or other interested parties
typically contribute up to $12,000 per year each to such plans and with income
accumulating tax-free, those plans can grow to be significant sources of funding for
educational purposes. Funds withdrawn from Section 529 plans are totally free from
federal income tax if they are used to pay qualified higher education expenses.

Hope and Lifetime Learning credits are also available and several funding sources
can be coordinated in order to pay as many costs as possible with tax-favored
dollars. An education expense deduction for up to $3,000 of education expenses that
are not paid from a Section 529 plan or a Coverdell Account and don\'t qualify for
the Hope or Lifetime credit, is available for taxpayers with modest incomes. That
deduction is available whether the taxpayer itemizes deductions or not, but begins
to phase out at adjusted gross income levels in excess of $47,000 ($94,000 on a
joint return).

Planning education funding for you, your children, or your grandchildren may involve
coordinating five tax law provisions -- six, if you count the tax-free redemption of
Series E bonds to pay higher education costs, and you might want some help.


Markwei Boye has studied these provisions and he is well qualified to assist you.
Visit http://smartbusinesspllc.com/default.htm to learn more about his services.

Contact:
Smart Business International, PLLC
Tax & Accounting Professionals

16250 Northland Drive
Suite 214
Southfield, MI 48075
Phone: 248.395.3388
Fax: 248.395.3389

Tax Savings Hotline: 1-888-271-3309

Email: info@smartbusinesspllc.com






Web Site: http://www.smartbusinesspllc.com/

Contact Details: Smart Business International, PLLC
Tax & Accounting Professionals

16250 Northland Drive
Suite 214
Southfield, MI 48075
Phone: 248.395.3388
Fax: 248.395.3389

Tax Savings Hotline: 1-888-271-3309

Email: info@smartbusinesspllc.com