“529 Plans: The New Trend for Entrepreneurs and Business Owners” #shorts #tax #entrepreneur #taxes #businessowner

by | Feb 21, 2024 | Rollover IRA | 18 comments

“529 Plans: The New Trend for Entrepreneurs and Business Owners” #shorts #tax #entrepreneur #taxes #businessowner




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529 Plans Just Became Sexy!

For far too long, 529 plans have been overlooked and underappreciated in the world of personal finance. However, recent changes in tax laws and a renewed focus on education savings have brought 529 plans to the forefront of financial planning for entrepreneurs and business owners.

A 529 plan is a tax-advantaged savings plan designed to encourage individuals to save for future education expenses. The funds can be used for a variety of educational expenses, including tuition, fees, books, supplies, and room and board. In the past, 529 plans were seen as a mundane and unexciting way to save for college expenses.

But the recent changes in tax laws have made 529 plans more attractive than ever. With the passage of the Secure Act, individuals can now use funds from a 529 plan to pay for qualified student loans, up to $10,000 in total. This means that 529 plans can now be used not only for traditional college expenses but also for paying off student loan debt.

Additionally, 529 plans now allow for tax-free withdrawals for K-12 education expenses, making them a valuable tool for parents looking to save for private school tuition or other educational expenses for their children.

For entrepreneurs and business owners, 529 plans offer several benefits. First, contributions to a 529 plan are considered gifts for tax purposes, which can be a valuable estate planning tool. Additionally, many states offer tax incentives for contributions to 529 plans, allowing business owners to reduce their state tax liability.

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Furthermore, 529 plans offer flexibility and control over how the funds are invested, allowing business owners to tailor their investment strategy to their financial goals and risk tolerance.

The combination of tax advantages, flexibility, and the ability to use funds for a variety of educational expenses makes 529 plans an attractive option for entrepreneurs and business owners looking to save for their children’s education or their own educational expenses.

Overall, 529 plans have gone from being overlooked and unsexy to a valuable and attractive tool for education savings. With the recent changes in tax laws and a renewed focus on education savings, now is the perfect time for entrepreneurs and business owners to explore the benefits of 529 plans and incorporate them into their financial planning.

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18 Comments

  1. @adamhoyng2487

    Feel like this dude is going to have an IRS audit and be in jail within a year.

  2. @2011blueman

    This guy needs to be banned from youtube. He's intentionally leaving out important restrictions just to get views.

  3. @MrStebe120

    Who are you talking to man? No one, that's who…

  4. @Momo-96

    I would not recommend anyone to take this guys advice. Some of the videos I’ve seen are not accurate.

  5. @startingmicrogreens

    Your content is always great but, can you slow down? You talk way to fast!

  6. @web3Terry

    Does this work the same for a SEP IRA?

  7. @mook3137

    “Wtf does tht even mean”

  8. @tinacamara7150

    Are you still subject to the Roth IRA limit and does this have to be a new Roth or can it be an existing one

  9. @fcontrer503

    This dude talking to himself in the mirror

  10. @leibmilshteyn3865

    Bro I work in finance these people need to stop they're just trying to sound smart

  11. @Bmc2021

    Ya by that time they will change the laws again

  12. @danrobb9

    – $35k max
    – cannot rollover more than the annual contribution limit ($6,500) per year
    – given to the beneficiary
    – account has to be 15 years old
    – contributions made in the last five years before distributions start cannot be rolled over

    Here’s another “sexy” short video aimed at getting views instead of providing solid financial advice.

  13. @C3Cloud_

    Are you custodial?

  14. @TheIvyLens

    Interesting. For Fidelity, you could change the beneficiary to yourself. So you essentially can have concurrent Roths.

  15. @YouSoldMe

    didnt know existing meant parsing a ridiculous game

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