Oakland, California (EastBayDaily) — With school back in session, Oakland’s tax preparation company, Liberty Tax Service urges those planning for higher education to examine tax-free 529 plans. These can be savings plans or prepaid plans operated by states or educational institutions that allow parents to save and plan ahead for their children’s college expenses.
Computers, computer technology and Internet access are now allowed as qualified purchases paid by 529 college savings plans when the student is enrolled in a qualified college or university. Tuition, required fees, books, supplies and equipment are considered qualified expenses. The costs of room and board may qualify. There are no deductions for 529 plans and no income limits for parents who wish to contribute to a 529 plan.
“All states have some type of 529 plans,” adds Malkeet Singh of Liberty Tax Service in Oakland.
529 Plans can be used to meet costs of qualified colleges nationwide. In most plans, the choice of school is not affected by the state where the 529 savings plan is established.
For more information on Liberty Tax Service, call 510-239-5284 or visit http://www.libertytax.com. Liberty Tax Service is located at 3207 Grand Ave., Oakland, CA 94610.
About Liberty Tax Service
Liberty Tax Service is the fastest growing retail tax preparation company in the industry’s history. It provides computerized income tax preparation, electronic filing, refund loans and online filing through e-Smart Tax. Each office offers free advice on tax planning, customer audit assistance, a money back guarantee and free tax return checking. It also offers a tax school that offers income tax preparation courses. They offer simple peace of mind through a complicated matter and rest assured Liberty Tax Service will fight for the client.