Education

FAFSA Application is Open

Wyndham Vale The Free Application for Federal Student Aid (FAFSA) is now available for the 2020 – 2021 school year. The FAFSA form is completed for current and incoming college students to determine eligibility for student financial aid.  It is recommended that everyone file a FAFSA, even if you are unsure if you will be eligible for […]

Continue Reading

Tax Credits – 2020

querulously The IRS released the inflation adjusted tax credits for 2020. See if you may qualify. Earned Income Tax Credit – This is a refundable tax credit for those with earned income that meet the eligibility requirements. The maximum Earned Income Credit for 2020 is $6,660 for qualifying taxpayers who have three or more qualifying children, […]

Continue Reading

Kids as dependents

Your kids qualify as dependents (as a qualifying child dependent) on your tax return when ……. They are EITHER under 19 OR they are under 24 and a full time student for some part of 5 months during the tax year OR they are permanently & totally disabled AND They live with you over 6 […]

Continue Reading

Is Your Scholarship or Pell Grant Taxable?

      Typically, a scholarship or Pell Grant is tax-free if you are a degree candidate and the funds are used to pay for tuition, fees and books, supplies and equipment that are REQUIRED for enrollment or attendance at a qualified institution. However, there are instances where some or all of the scholarship or […]

Continue Reading

Divorce & Taxes

Here are some key issues that may affect you if dealing with divorce or separation: Alimony received must be included as taxable income Alimony paid is a deduction for the person paying it Child support is not a taxable event Let the IRS know about your address change on Form 8822 Report any name change When […]

Continue Reading

Start Saving Those College Receipts!

Now that school is back in session for the fall, it is a good time think about possible education credits.  It is important to compile receipts for qualified education expenses in order to potentially qualify for education credits. There are two education credits available: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). These credits may […]

Continue Reading

Applying for Federal Student Loans

Yes, you can fill out your FAFSA for the 2018-2019 school year starting October 1st. Yep! In less than a month you could be looking up asset values and tax information from 2016 and possibly pulling your hair out in frustration. Woohoo! Fill it out HERE on the FAFSA website. First thing….and you can do this […]

Continue Reading

Last Minute Ideas!

Did you file yet?   Here’s a few ideas for saving on your income tax: Consider if you have dependents that you can claim that you haven’t thought of.  Perhaps your parents are dependents?  Are you supporting them?  Kids in college are also normally still dependents. The IRS has an interview tool you can complete […]

Continue Reading

Deducting College Expenses

Make sure you get a 1098-T form from the college, university or trade school that your child attends.   The form may been to be downloaded from an on-line site or the school may have mailed it to your child. Remember…… -if your child is under 24 and a full time student for any part […]

Continue Reading

Happy FAFSA!!! Did you have weekend plans?

Yes, you can fill out your FAFSA for the 2017-2018 school year starting October 1st. Yep! In less than 48 hours you could be looking up asset values and tax information from 2015 and possibly pulling your hair out in frustration. Woohoo! Fill it out HERE on the FAFSA website. First thing….and you can do […]

Continue Reading