On this episode of the Planned Solutions Incorporated Podcast, The House Ways and Means Committee recently voted to advance a bill which includes a number of tax law change proposals. While the bill is likely to change multiple times before becoming law, assuming it is even able to get through both houses of Congress, it is interesting to note the previously proposed tax changes that did not make their way into the current draft. Specifically, several of the proposals that could have increased the cost of tax compliance or made compliance with the law difficult were excluded.

Also, The University of Michigan Consumer Sentiment index has once again decreased to its pandemic lows after a short-lived recovery from April 2020 to May 2021. This may be an indication of future weakness in consumer spending or it may just be a hangover resulting from the end of stimulus payments and enhanced unemployment benefits.

And, Tax law changes expanded the definition of qualified

educational expenses for section 529 educational savings accounts. Now 529 plan assets may be used to fund private school tuition for K-12 in addition to funding expenses for college, university, and/or vocational schools. However, any money used for primary school education will not be available to pay for secondary school education, so it is important to review your long-term plan before using 529 plan assets to pay for K-12 private school tuition.

Plus a look at the Planned Solutions Incorporated Office Bulletin Board- The Harlan D. Wood Memorial Cancer Charity Golf Tournament was once again a big success. ,This year we raised over $11,000 for cancer charities bringing our cumulative total to $142,719. We would like to thank everyone who supported the event this year and in years past by attending the tournament, bidding on auction items, and contributing to cancer charities.

Chase Armer's book- Financial Planning Insights is now available at:

store.bookbaby.com/book/financial-…anning-insights

www.amazon.com/Financial-Plannin…1586894022&sr=8-1

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The Personal Finance Review is published and distributed on a biweekly basis by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.

Planned Solutions, Inc.

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Folsom, CA 95630 (800) 750-2111

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