Education Savings Accounts

Education Savings Accounts (ESAs) are tax-advantaged accounts that parents or guardians can use to save for a child's education expenses. Contributions are made into the account, often with some tax benefits, and the funds can be used for qualified education costs such as tuition, books, and supplies. ESAs offer flexibility in choosing educational providers, including private schools and tutoring. They encourage long-term savings for education while providing tax advantages, making it easier for families to plan and afford various educational options. Regulations and benefits vary by state, so it's important to review local rules.