Goode Tax Service

National 529 Day – Did You Know?

If you put money into a 529 education savings plan, earnings may be withdrawn federal income tax-free when used for qualified education expenses. Qualified expenses can include tuition, fees, books, supplies, computers, and for students enrolled at least half-time, certain room and board costs.

While 529 contributions are not deductible for federal income tax purposes, many states offer a full or partial state income tax deduction or credit for contributions. Some states and plan sponsors may also offer special incentives around National 529 Day.

Recent law changes expanded the use of 529 plans. In 2026, up to $20,000 per year, per student, may be used for qualified K–12 education expenses at public, private, or religious schools. Prior years were generally limited to $10,000 annually.

Health Savings Accounts - Did You Know?

Changing jobs? If you have a health savings account (HSA), you can take it with you. Unlike flexible spending accounts (FSAs), which are usually tied to your employer, your HSA belongs to you. You can continue using your HSA funds after leaving the job where you opened the account. However, you may make new HSA contributions only if you remain eligible to contribute. To remain eligible, you generally must be covered by an HSA-eligible high-deductible health plan (HDHP) and have no disqualifying coverage.

Changes to Postmarking Procedures May Affect Mailing of Tax Forms – Did You Know?

The U.S. Postal Service (USPS) made an announcement in late December that may affect millions of people who mail tax forms or payments this filing season. In general, forms and payments sent by mail are considered to be on time if they are postmarked on or before the due date. Historically, mailed items were usually postmarked the same day they were handed to a postal employee, or deposited in a USPS drop box before the last scheduled pickup time.

However, the USPS is now in the process of consolidating mail processing activities down to just 60 regional sorting locations, with a limited number of truck deliveries to those facilities daily. Since most mailed items will not get postmarked until they arrive at one of the 60 locations, many postmarks will show a date several days after the item was originally mailed. These changes are especially likely to affect rural communities, many of which will now be hundreds of miles from the nearest processing facility.

Therefore, anyone who needs to send tax documents through the mail should play it safe by dropping parcels off at a post office or collection facility at least a week before the IRS deadline. As an alternative, consider e-filing tax forms whenever possible. A tax professional can help you securely submit your return, other IRS document or tax payment electronically for fast, verified delivery.