Introduction: Your State Treasury is More Than Just Taxes
When you think of the Pennsylvania Treasury, you might picture tax revenue and state budgets. But did you know it’s also a powerhouse of financial resources designed specifically to help you, the resident, build a more secure future?
Beyond processing state payments, the Pennsylvania Treasury Department offers a suite of powerful, often underutilized, programs that can put money back in your pocket, fund your children’s education, and provide financial stability for individuals with disabilities. At Royalty Tax Services, located right here in Harrisburg, we believe in empowering our clients with knowledge. Knowing about these tools is the first step toward integrating them into a solid financial strategy.
Key Pennsylvania Treasury Programs to Empower Your Finances
Let’s explore the essential programs that can make a tangible difference in your financial life.
1. Reclaim What’s Yours: The Unclaimed Property Program
This is the Treasury’s most popular program—and for good reason. Unclaimed property includes financial assets that have been lost, forgotten, or abandoned. This can be anything from a forgotten utility deposit and an old bank account to an uncashed paycheck or stock certificate.
- How It Works: Businesses are required by law to send these dormant assets to the Treasury, where they are held safely until the rightful owner claims them.
- What to Do: It’s free and easy to check. Visit patreasury.gov/unclaimed-property and search your name. You might be surprised to find that you or a family member have money waiting to be reclaimed!
2. Invest in the Future: Education Savings Programs
Pennsylvania offers exceptional programs to help families save for education, giving the next generation a head start.
- Keystone Scholars: This groundbreaking initiative provides every newborn in Pennsylvania with $100 in a seed account for future education costs. It’s a fantastic foundation to build upon, ensuring that every child has a dedicated fund for college or career training.
- PA 529 Plans: A PA 529 account is one of the smartest ways to save for education. These plans offer significant tax benefits, including Pennsylvania state tax deductions for contributions, and the earnings grow free of federal and state tax when used for qualified education expenses.
3. Secure Financial Independence: The PA ABLE Savings Program
For individuals with disabilities who became disabled before age 26, the PA ABLE Savings Program is a game-changer. Before ABLE accounts, individuals risked losing essential public benefits like Medicaid and SSI if they had more than $2,000 in assets.
- The Benefit: A PA ABLE account allows individuals with disabilities to save and invest money without losing their crucial benefits. Funds can be used for a wide range of qualified disability expenses, from education and housing to healthcare and transportation, promoting greater independence and financial security.
How Royalty Tax Services Helps You Leverage These Tools
Knowing these programs exist is one thing; knowing how to effectively weave them into your financial plan is another. This is where our expertise at Royalty Tax Services becomes invaluable.
We don’t just look at your past year’s income; we look at your entire financial picture. We can help you:
- Develop a strategy for using a PA 529 Plan that aligns with your family’s goals and tax situation.
- Understand the rules around PA ABLE accounts to maximize benefits for a loved one with a disability.
- Incorporate reclaimed property from the Treasury into your debt-payoff or investment strategy.
We help you move from simply knowing about these resources to actively using them to build a brighter financial future.
Don’t Leave Money and Opportunities on the Table
The Commonwealth of Pennsylvania has provided these tools for your benefit. Why not use them to their full potential? Let Royalty Tax Services be your guide.
Contact us to integrate these powerful Pennsylvania resources into your financial plan today!
- 📍 Visit Us: Harrisburg, PA
- 🌐 Learn More: myroyaltytax.com
- 📞 Call Us: 717-623-2043
Your financial potential is waiting to be unlocked. We can help you find the key.
