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Saving for College with 529 Plans Congress created a powerful way to save for a college education. Tax changes enacted in the summer of 2001 make other savings plans for college as old as raccoon coats. In June 2001, President Bush signed the Economic Growth and Tax
Relief Reconciliation Act of 2001. This Tax Act significantly improved the
benefits of Section 529 plans by allowing distributions that are used for
qualified tuition expenses to be withdrawn free of federal income taxes.
Section 529 plans are now called “Qualified Tuition Programs.” To contact someone who can help you make the most of it: James J. Holtzman, CPA, joined Legend Financial Advisors, Inc. (Legend) in May, 2001 as a Senior Assistant Financial Planner and Legend’s Tax Specialist. Mr. Holtzman currently is a member of Legend’s financial planning, investment and education committees. Jim previously worked with Legend beginning in 1994 as a college intern and continued after graduation for a few years in assisting Legend with various accounting issues. Jim’s previous professional experience includes employment with various CPA and Financial Advisory organizations where he provided tax, accounting, auditing and financial consulting services to individuals and businesses. Jim’s responsibilities at Legend include meeting with clients, researching client issues, preparing and presenting financial plans, and financial planning updates. His areas of concentration include income tax, estate planning tax, stock options, insurance, retirement planning and Section 529 Plans. Mr. Holtzman graduated from LaRoche College in 1996 with Bachelor of Science degrees in Administration and Management as well as Accounting. Jim earned the Certified Public Accounting (CPA) designation in 1999. Jim is a member of the Pennsylvania and American Institute of Certified Public Accountants. He is also a graduate of the Pittsburgh Leadership Development Initiative and Pittsburgh Leadership Onboard Programs. Jim also serves on the LaRoche College Board Of Governors, is a member of the Finance Committee for the Pittsburgh Downtown Partnership and is also a member of Pittsburgh Cares. Jim has been a frequent guest speaker on “The Wealth Advisor Show” on WALE radio and has written for the Pittsburgh Business Times on Section 529 Plans. Legend Financial Advisors, Inc. |