DMP Monthly Tips, Resources, and Reminders

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It's the time of the year most parents love...Back to School!

I hope you enjoyed your summer and had a chance to relax and hang out with family and friends. Our summer was pretty laid back, no big trips or adventures to tell you about. It seems like the older I get the faster the summers go. I can't believe the kids are already going back to school.

In keeping with the theme of the season, for this month's newsletter I decided to bring you one tip, one resource, and one reminder related to the expense of education.

Tax Credit for Summer Camp and Before/After School Care

Did you know you may be eligible to receive a tax credit for a percentage of the cost of summer day camp, as well as the cost of before and after school care, for your kids?

If you paid for summer day camp, and/or before or after school care, for your children under the age of 13 in order for you to work, you may be eligible for the Child and Dependent Care Credit. As with all tax credits, there are certain income and filing requirements that must be met.

Be sure to include the amount you spent in your tax organizer that will be sent to your Client Portal next year, and save your receipts so we can calculate the credit and substantiate the expense!

In case you haven't heard, there's a new initiative to provide federal student loan debt relief. The new program is called the SAVE Plan and it can significantly reduce your monthly student loan payments, in some cases all the way down to $0, depending on your income and family size.

You can find more information about the new plan here:

https://studentaid.gov/announcements-events/save-plan

If you're ready to apply, you can do so here:

https://studentaid.gov/idr/

If you have receipts for childcare, or any other tax related receipts and documents, you can upload them to the Client Portal at anytime. No need to wait until tax time. Uploading them now will ensure they're in a safe place and save you the stress of trying to find them later.

If you're not a client yet, reply to this email so we can get you set up with a free portal account where you can save your receipts and tax documents in preparation for tax time.

I hope you enjoyed this month's tip, resource, and reminder to help you on your journey of achieving your personal and business financial goals.

If you found anything in this email beneficial please reply and let me know. Feel free to forward this email to others so they may benefit too.

If there's a topic you would like me to address in a future email hit reply and tell me about it. I would love to hear from you!

Until next month,

Devin

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