You're ready to start saving for college, but where should you put your money? There are many college savings options, but you should generally opt for tax-advantaged strategies whenever possible.

Why is it so important to consider strategies that offer tax benefits? Because taxes can eat away at any money you might earn.

Following are some tax-advantaged savings options to consider.

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Legislation passed in December of 2010 extended lower tax rates, deductions, and other expiring provisions for an additional one to two years. As a result, you can consider 2011 year-end tax planning moves with a relative degree of certainty. Here are five things to keep in mind.

Most California firefighters work for employers who do not withhold Social Security taxes from your salary, which means that your governmental pension may reduce your Social Security benefits. This potential reduction in your Social Security is called the Windfall Elimination Provision.

The Windfall Elimination Provision affects how the amount of your retirement or disability benefit is calculated if you receive a pension from work where Social Security taxes were not taken out of your pay. This modified formula is used to calculate your benefit amount, resulting in a lower Social Security ¬benefit than you otherwise would receive if you had no governmental pension.

Why does one firefighter achieve financially and another struggle? When benefits, pay scales, pensions and other financial rewards are nearly the same for everyone in a department, why does one achieve greater financial independence than another? Can the reasons for this success, once identified, be duplicated for the benefit of other firefighters?