Outside the Box: College costs are soaring — 6 things parents need to know about 529 tax deductions

As a parent, I want to help my kids get the best start in life by investing in their education.

The cost of college has skyrocketed in the past three decades, increasing by 336% from 1985 to 2015. And although tuition increases are finally slowing, many parents will find that their college savings won’t go as far as they expected.

I’d heard about 529 tax deductions and knew they were tax-advantaged accounts. But I was a bit lost when it came to choosing the best college savings plan and 529 tax deduction for my family.

I made it my mission to find out more about 529 college savings plans and understand how their tax benefits could help parents keep up with college costs.

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