The prospect of paying for higher education can be daunting. To lower the overall after-tax cost, it can be advantageous to incorporate tax planning to find ways to use funds that will be tax-advantaged. This may include claiming tax credits, using accounts that have special tax benefits for education savings, or accessing retirement accounts penalty-free.

After a tumultuous April, following the April 2nd announcement of a shift in the US tariff policy, the US stock market has rebounded, erasing the post-April 2nd losses. However, the market remains down slightly for the year and down 6% from its all-time high in February. In addition, there is still a lot of uncertainty about how trade negotiations will proceed and the impacts it will have on global trade.

The State of California tax agency (the Franchise Tax Board or FTB) has increased its efforts to combat tax-related identity theft. As a result, the FTB is issuing far more Information and Document Requests this tax year to confirm the identity of taxpayers before processing their tax returns and issuing their refunds. These requests are not an audit, but taxpayers must take them seriously nonetheless as their tax return will not be processed until the requested information is submitted.

Plus, a look at the Planned Solutions Incorporated Office Bulletin Board - Schwab has identified a new twist on the "smishing" fraud threat which is being used by fraudsters hoping to capitalize on market volatility and investor emotion to steal funds and data.As a reminder, do not respond to any text messages that purport to be from Planned Solutions or Charles Schwab. If you receive a message and are unsure, please call our office at our main number: 916-361-0100.

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

Chase Armer's book- Financial Planning Insights is now available at: ⁠⁠⁠https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠Intro 00:00

The US Economy Contracted in Q1 but It’s Complicated 01:27

US Stock Market Regains Pre-Tariff Levels 14:08

FTB Information and Document Request 17:53

Bulletin Board 21:24

Planned Solutions, Inc.