Can I get a tax deduction for making my manufacturing plant accessible to our disabled employees?
Better yet, your business may get a tax credit and possibly a deduction for the cost of certain expenses you incur accommodating disabled persons. If your business had under $1 million in gross receipts in 2017, the Architectural Barrier Removal tax deduction lets you deduct up to $15,000 a year and the Disabled Access Credit gives you a tax credit of up to $5,000, with the credit reducing the deduction in the same year. Talk to your accounting professional to learn more.
My daughter is paying private high school tuition for my two grandchildren. Is it true that I can take tax-free distributions from a 529 plan to help pay these costs?
New federal tax laws allow tax-free distributions of up to $10,000 per student per year to pay tuition for elementary and secondary private and parochial schools. However, a few states still tax these distributions, and the limit may not even cover half of a high-priced school’s tuition. Take advantage of the new tax law, but also look into giving up to $15,000 annually tax-free to each grandchild (or $30,000 a year if you and your spouse make gifts).