The ways by which parents can manages tax and kids school fees
The ways by which parents can manages tax and kids school fees
It becomes very difficult for the parent to manage tax and school fees both at the same time. But for parents both the school admissions and filing of the taxes are equally important. The parents cannot afford to miss any one of them. Both managing the tax and submitting the school fees are time bound processes. Fixed time is provided to the parents to complete the following tasks. So the parents have to anyhow manage the filing of tax as well as have to submit admission and school fees of the children. Parents have to take care of the future of the children. Parents ensure that their children must get the best of educational facilities so that they grow up into responsible citizens. For their child's best future, the parents make their best efforts to admit their child in one of the best schools of the town. Parents look for schools that have good educational facilities and also ensure that they are affordable.
Income Tax is applicable on the income of more than 1 lakh 80 thousand. But kid's education is so high that they need to earn more than 5 lakh per year. Parents have to pay the high fees in schools. Apart from that they have to pay high income tax on their earnings. A so entire thing becomes complicated for the parents and they save very less. Sending children to private schools is an expensive endeavor especially for working class families. But there are many ways by which you can manage school fees. Once the excitement of having their child being accepted to a private school is over, parents have to worry about digging deep into the pocket and paying school fees and other expenses.
Parents should use a school budget planner. It is different from a household budget planner. It serves the function of keeping track of school fees and related costs so that parents can plan how much the children need to spend for their kids' education expenses. The parents need to jot down the school fees, uniforms for different seasons, textbooks, stationery, computer and internet requirements, transport costs and other charges. Parents can look for sibling discounts. Many schools offer sibling discounts. Private school education is costly but there are many ways of cutting down school fees.