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.

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Tax Reform

Spring Clean the Tax Code or Spring Clean the Current Administration?

Tax reform?I know I heard someone say BOTH, and I certainly can’t disagree. After all, the tax code didn’t get so onerous and convoluted by itself. It was revised so many times by politicians, sometimes for the better, and oftentimes self-serving. It’s past time for serious tax reform.

One of the primary problems now is the high corporation income tax rate. It’s no wonder the United States is having a very difficult time competing in the international markets. Forget the hype and propaganda spewed about by the white house, our country is suffering from subpar economic growth. Furthermore, our long term growth potential is bleak, and will continue until we elect leaders that will focus on tax reform that will promote long term economic growth.

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