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When it’s time to pay for education, distributions are pulled out of the 529 plan. Distributions are tax-free if they are used for eligible education expenses. #optimizeyourfinances #optimizeyourbusiness

Eligible education expenses include not just tuition, but also books, supplies and equipment required by the school. Computer and Internet service, along with room and board, are also qualified expenses. #optimizeyourfinances #optimizeyourbusiness

Did you know? 529 plans can also be used to pay for K-12 expenses (not just college). However, K-12 expenses are capped at $10,000 per year. #optimizeyourfinances #optimizeyourbusiness

Just a reminder that 3nd quarter estimated tax payments are coming up for individuals. Be sure to get those postmarked and mailed by September 15th. #optimizeyourfinances #optimizeyourbusiness

While 529 plans can be helpful tax savings tools, it’s a good idea to have a plan for contributing. It isn’t good to overcontribute to the plan and have too much built up in the account, as there are tax consequences. #optimizeyourfinances #optimizeyourbusiness

The earnings portion (or accumulated income) on any distributions that are not used for qualified education expenses is included in the beneficiary’s income and also subject to a 10% penalty. #optimizeyourfinances #optimizeyourbusiness

Did you know? If your beneficiary gets a full ride scholarship, or doesn’t go to college or need the 529 funds, the plan can be rolled over and transferred to another related beneficiary without any tax consequences. #optimizeyourfinances #optimizeyourbusiness

As with all investments, it is helpful to coordinate your education planning with your investment advisor and tax accountant. If you need any assistance on either of these fronts, let us know! #optimizeyourfinances #optimizeyourbusiness

The deadline for any individual returns that were extended is fast approaching and coming up on October 15th! #optimizeyourfinances #optimizeyourbusiness

We are one month away from the passthrough business deadline of 3/15/22. If you haven’t already, be sure you are finalizing the 2021 financials for your partnership or S corps business. #OptimizeYourFinances #OptimizeYourBusiness #FinancialFreedom

We’ve been quiet on social media lately due to a lot of changes at Optimized CFO. Exciting things are coming. Stay tuned for updates! #optimizeyourfinances #optimizeyourbusiness

1st major change for Optimized CFO and Controller Services…. Our first office is under construction! We are so excited to have our first space (outside of Rebecca’s basement)! #optimizeyourfinances #optimizeyourbusiness

Here's a sneak peek of the building where Optimized CFO's new office will be located! We're excited to be growing to help you optimize your finances! #optimizeyourfinances #optimizeyourbusiness

For 2021, taxpayers may deduct up to $300 ($600 for married filing joint) cash contributions made to qualified charitable organizations, even if they don’t itemize their deductions. #optimizeyourfinances #optimizeyourbusiness

The maximum credit amount of the child tax credit is increased to $3,000 per child (ages 6-17) and $3,600 per child (under age 6) (up from $2,000 per child under age 17). #optimizeyourfinances #optimizeyourbusiness

3/15 – Today is the due date for the pass-through businesses (partnerships and S corps). Don’t fret if you need more time – an extension can be easily filed! #optimizeyourfinances #optimizeyourbusiness

For 2021, the maximum amount of qualified expenses for the child and dependent care credit is increased from $3,000 to $8,000 for one qualifying individual and from $6,000 to $16,000 for two or more qualifying individuals. #optimizeyourfinances #optimizeyourbusiness

Happy two-year Work Anniversary to Sarah Spatafora! Sarah has been with Optimized CFO since April 6, 2020. Sarah is a whiz at payroll and bookkeeping, and we appreciate all of her hard work for our clients! #optimizeyourfinances #optimizeyourbusiness

While the IRS/Federal individual income tax filing deadline is technically on Monday, April 18, we are hard at work filing or extending by today. May you have a blessed Easter weekend with family! #optimizeyourfinances #optimizeyourbusiness

Thank you to all of our loyal clients for your continued trust in us. We love helping you optimize your finances, optimize your business and make tax filings a little less stressful. #optimizeyourfinances #optimizeyourbusiness