Tax-Free Savings Accounts (TFSA) 2025: Benefits and Options It allows parents to save tax-free money for college when the funds are used for eligible education expenses set up 7 Health Savings Account (HSA) HSAs offer triple tax savings on qualified investments Contributions are tax-deductible, money grows tax-free, and withdrawals are tax-free when used for qualified medical expenses
How to Avoid Paying Taxes on Savings Accounts | NASB Blog Legal Loopholes for Tax-Free Savings Aside from tax-sheltered savings accounts, legal loopholes can help you avoid paying taxes on your savings You can use these entirely legal strategies to reduce or eliminate taxes on your savings Knowing and utilizing these legal options allows you to optimize your financial situation and retain more savings
Top 9 Tax-Free Investments Everybody Should Consider 529 Education Fund: Allows saving for education expenses with tax-deferred accumulation and potentially tax-free distributions for eligible education costs U S Series I Savings Bond : Exempt from state and local taxes but subject to federal tax on interest income, with some qualified educational expenses tax-free depending on income limits
Tax-Efficient Investing: How to Keep More of Your Money 529s: A 529 plan is a savings plan that can provide tax-free investment growth and withdrawals for qualified education expenses There is no federal tax deduction for 529 contributions, but many