There are various strategies you can use to reduce the overall cost of your child’s tuition. Tax laws are specific to each state so make sure to check with your local accountant.
Strategy #1 – 529 PLAN – You may be able to pay Academy private school tuition using a 529 plan up to $10,000 per year. Remember, your contribution to a 529 plan could be deductible in your state up to $8,000 in 2021 for joint filers.
Strategy #2 – MEDICAL EXPENSE – If your child is diagnosed with a special need and verified by a doctor, you can deduct in excess of 10% of your adjusted gross income. The 10% threshold is for medical expenses, so any expenses in excess of this amount (which could be tuition and mileage) are considered deductible.