Tax planning for families earning over $180,000 per year with kids in college. A must read!

If you have done well with your career or you and your spouse have done well with both of your careers and you have kids going to college, you already know that your college costs are huge and your tax liability probably is not going down any to reflect it. This blog is really a reference to an awesome blog post done by Resource Planning Group (a GA based Fee Only financial planning firm). Their blog was the first really practical explanation I have seen as to how to deal with the situation of college kids from a tax perspective in light of the Alternative Minimum Tax, Dependency Exemptions, and phase outs of the various education related deductions and credits. This was an eye opening experience for me, a tax attorney since 1987. This is complex stuff made fairly easy to understand. Enjoy!

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