Do I Have a Tax Free Scholarship?

Do I Have a Tax Free Scholarship?

Do I have to Pay Taxes on My Scholarship or Fellowship? Maybe.

Have you ever heard the expression “There is no such a thing as a free lunch?” When it comes to fellowships, grants and other free money from a college, you may not have a tax free scholarship.

Financial aid that you receive for higher education expenses, even when the college says its free, doesn’t mean that it is. Depending upon how the money is used, you could end up owing the IRS big bucks.

Various types of financial assistance, such as fellowship grants, scholarships, and teaching assistantships, are very important to families. Often times, it may determine if your child will be able to attend the college of his/her choice.

College tuition and other associated expenses have been rising for years. Currently, the average fees and tuition for a full-time student attending a public college in state is 25,290.00. The average for a private college is 50,900.00.

This is why its very important to find out if your free money View full post…

Read More... 11 Comments

Incredible No Big Tax Refunds

Incredible No Big Tax Refunds

Don’t Over Withhold Taxes to Get a Big Tax Refund

Yes, we know getting that big tax refund is nice and it comes in handy. But it just doesn’t make good financial sense. You’re allowing self-serving politicians to play with your money with an interest free loan, and then you have to prove to them that it belongs to you by filing a tax return.

Another reason this coming year, for not over withholding, has to do with the Equifax credit bureau breach. Over 143 million individual accounts were taken, and many of them will be used to file fraudulent tax returns. If you’re not aware what happens then, let me explain.

These thieves file fraudulent tax returns very early when tax season opens and before the IRS receives the copies of W-2’s and other tax forms. They use your View full post…

Read More... 8 Comments

Tax Planning for 2017

Make These Moves Now For 2017 Tax Planning

Proper tax planning is essentialSo far this year, it hasn’t been a very good one for proper tax planning by investors, and it’s doubtful if we will see any positive changes by the end of the year. China has been struggling with their economic slowdown and declining oil prices have hit us as well. Couple that with the US economy that is still floundering about because of inept policies from the current administration, and it’s no wonder investment portfolios have been hammered.

View full post…

Read More... Please comment

Money Management Important Tips

Powerful Tips for Money Management

Money management tips When young adults begin to work and receive their first paycheck, they get a taste of a sense of real freedom & don’t usually think about money management.  This feeling is usually not combined with the little voice that says, Save your money.  They suddenly find that they are sharing their wealth and are buying things they could not afford in the past.  Celebration is not bad, but it is only meant for rare occasions.  Freedom comes with responsibilities.

If real money management is not practiced early, there is a real chance that spending will often be more gluttonous than necessity.

View full post…

Read More...

How To Manage Money After You’re Married

How to Manage Money after Marriage

When you say “for better or for worse” you never envision that the “for worse” could mean financial woes.  If you have debt, it is best to clear it up before marriage.  Learning how to manage money will prevent you both from repeating the same past financial mistakes and will also ensure that you are both on the same spending and saving page.

How to manage moneyGreat communication and great financial planning are important pieces that can help to ensure a long and happy marriage.  Money problems are one of the biggest stresses in any marriage.  Learning how to manage money as a couple, setting solid goals, and sticking to these goals provides a great foundation for a new or existing marriage.

Here are some important tips in working out your financial goals with your spouse.

Compare your assets, your debts, and your net worth.  Work together to get all the income and debts organized.  Get together paychecks and other sources of income, tax deductions, savings, and other investments accounts. Compare all your debts to your income. View full post…

Read More... Please comment

Personal Budget Software to Create a Budget

The Best Personal Budget Software for Your Family

Personal budget softwareReading reviews that others have written about personal budget software is a good way to begin to narrow down software that might be right for you.  Software that will help you save money is the goal.

You have to exercise a healthy dose of skepticism when reading reviews.  Reviews may not be written by actual users but may actually be company employees and/or affiliates who sell the product for a commission.  What reviews are really good for are highlighting the options that will best serve your budgeting needs.  Really good products will have many people talking about their positive experiences with the product.

It is important that you find personal budget software that functions as it should and is reliable.  A tool that does not do what it is supposed to, will cause you more aggravation.  Instead of choosing standard budgeting software look for one that is directed towards home budgeting.  Know what options you desire to make budgeting easy for you.  If you need customized lists and reports, make sure the software you choose has those options.

View full post…

Read More... 3 Comments

Refinancing a Student Loan – Be Aware

5 Steps to Consider Before Refinancing a Student Loan

Refinancing a student loan In other articles, I have discussed the cost and debt implications of having a student loan.  With the rising cost of college tuition, many young adults are getting in over their head and looking for answers once they graduate.  Refinancing a student loan can give you lower monthly payments and allow you to build more savings or pay current debts off.

It‘s important to first ask yourself the ever important question of why you want to refinance your student loan.  If you have a fixed rate Un-subsidized Stafford Loan, which is the most common type of federal loan for students, you need to be aware that interest rates for these loans have not changed.

Many refinancing options will switch you from a fixed rate loan to a variable rate loan.  This means that the monthly payments on your loan may be smaller when you first refinance but could increase significantly over time. A variable rate loan could end up putting you in a worse position down the road. View full post…

Read More... 6 Comments

How to Save For Retirement

How to Save For Retirement – 3 Common Sense Principles to Guide You

How to save for retirementHow to save for retirement? This question has been asked by everyone planning for retirement, and has become the “million dollar question” without a doubt. We’ve all seen the flashy ads that say “I’ll show you my 5 steps to retire with a million bucks in the bank”.  Many of these ads go on to say that you don’t have to be a banker on Wall Street to accomplish this, and that many middle class Americans do it every day.

View full post…

Read More... 16 Comments

Ways To Save Money

7 Little-Known Factors That Will Affect Your Ways To Save Money

There are many ways to save moneyWe look for ways to save money, but one of the reasons why so many Americans fail in their dreams to attain wealth, is how to manage money. They have a desire to be financially secure, and to be able to retire in comfort. However, many of them make one or more of the following big money mistakes, and their dreams are shattered.

  1. A long term mortgage

The first place to look for ways to save money is at the terms of your mortgage. Countless Americans have no conception of what happens when they amortize their home purchase over a thirty (30) year period. When you stretch your payment out that long, you actually pay to the lender, two and a half times the original purchase price of your home.

View full post…

Read More... 8 Comments

Teach Kids about Money Now – Don’t Wait

Teach Kids about Money – Strategies for Raising Smart Spenders at Every Age

Teach kids about moneyIt’s never too early to teach kids about money. Whether they are 5 or 15, you should have an honest conversation with them about finances. With young people digging themselves into debt with credit cards at an alarming rate, make sure that your children have the tools to make good choices when they are out on their own. Ask any adult in their 30’s, and you’ll find many of them still paying off the credit card debt they acquired in their 20’s. When you teach kids about money, it’s best to lead by example. Start by making sure that your own finances are in order. After all, how can you expect your child to have good spending habits when yours may be out of control?

View full post…

Read More... 12 Comments