SMART529 State Tax Advantage

Financial EducationJohn PerdueSMART529
Mar 01 2016

This time of year income taxes are on everyone’s mind. And the big question is HOW CAN I GET MORE OUT OF MY TAX REFUND? Well, there is one way to boost your tax return-or reduce the amount you owe—that you may not know about.

When you save for a child’s FUTURE education through SMART529-West Virginia’s official college savings plan, it can put money back in your pocket NOW. Any contribution you make to SMART529 gives you a dollar for dollar reduction in your taxable income when it comes time to file your state taxes.

The state tax incentive is only available for people who live IN West Virginia. But this tax advantage isn’t just for parents! If you contribute to a SMART529 account for your grandchild, niece, nephew, even the kid next door…those contributions are not subject to West Virginia Income Tax.

It may be too late to boost your 2015 income tax return by saving with SMART529, but it pays to start saving NOW for that 2016 credit. The more you save, the more you benefit.

Learn more at SMART529.com.

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