Back-to-School Tax Credits

canstockphoto3690161Are you, a spouse or dependent enrolled in college? If so, here’s a quick tip: some of the costs you pay for higher education can save you money at tax time.

Here are several important facts you should know about education tax credits: [Read more…]

10 Tax Benefits for Parents

Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year. [Read more…]

Education Credits Available

There are some tax credits to keep in mind if you are paying for college tuition:

 

Take a look at our recent blog post on this, and give us a call if you have any questions!

 

 

 

Tax Credits & Deductions for Education

The IRS reminds students or parents of students paying for tuition and other fees to keep good receipts and be aware of some of the tax benefits to help offset those costs.  Typically these benefits apply to you the taxpayer, your spouse or any dependent you can claim as an exemption on your tax return.  The professionals at Loggins & Associates can help you determine which educational credit or deduction will work best for your individual situation.  Take a look at this list and give us a call today!

 

  1. American Opportunity Credit – This credit, originally created under the American Recovery and Reinvestment Act, has been extended for an additional two years – 2011 and 2012.  The credit can be up to $2,500 per eligible student and is available for the first four years of post secondary education.  Forty percent (40%) of this credit [Read more…]

Tax-Saving Ways to Plan for College

Paying for college is one of the greatest financial worries most parents endure.  Aside from your own retirement, college tuition is probably the biggest expenses you will ever face.  It takes planning, research and belt tightening (and maybe some debt) to provide a college education for your children.  Funds will likely come from three sources:  savings, financial aid and tax relief.  Most importantly, you should not save for college at the expense of your retirement savings.  Many organizations, including the federal government, are willing to help your child pay for college.  However, no one is likely to give you a hand-out if your retirement fund comes up short.  Also a qualified retirement fund will not count against you when applying for financial aid.

Investments & Savings – It pays to start early and compound interest.
Allocate your assets based on the age of your children to make sure the money is available when you need it.  If your children are very young (under 11), invest for long-term growth with a large portion in the stock market.  Despite market fluxations, stocks provide the best results over the long-haul if started early enough.  Before your children reach their teens, you may [Read more…]

6 Money Saving Tips for College Freshmen

While there are a variety of tax-saving ways to save for college, tuition is only part of the financial burden.  Parents of Freshmen are often caught off-guard by costs that are above and beyond standard tuition.  Most Freshmen are required to live in college dormitories their first year; if you’re in a dorm, you have to purchase a meal plan.  You’ll need to decorate your dorm room, equip it with appliances and electronics.  Your Freshman will need a computer, most likely a laptop or tablet, books and supplies for classes, plus a college-friendly wardrobe.  Before you know it, you’ve racked up thousands of additional expenses you hadn’t thought of.  Here are some tips to cut expenses not only during the first year, but throughout the college experience.  Remember every cent you save is worth the effort!

Home or Close to Home
The easiest (and probably least popular) option is to live at home.  In most cases, this eliminates the need for many Freshman purchases since there will be no need for dorm furnishings and a meal plan.  The next best option is to choose a college or university that is close to home.  Staying close to home (at least in the same state) means no out-of-state tuition and reduced travel costs to come home for a visit.

Don’t Come Home Too Often
Most Freshmen feel that their college experience has to include transportation.  For some that may mean adding a new or used vehicle.  Some students may already have a car, [Read more…]