Paying for College – It takes lots of research
Paying for College takes lots of research - how does the school handle financial aid? Are there scholarships available for your major? Can you qualify for tax breaks? When should you use 529 funds? Unfortunately, while your student is researching admissions requirements, you'll need to be researching the financial [...]
Does it make sense to max out my 401k?
This is a common question that I’ve heard even more frequently this year. Some background – The limit on individual contributions to a 401k plan in 2020 is $19,500. You can contribute an additional $6500 if you are at least 50 years old by the end of the year. [...]
Before you refinance
Before you refinance your mortgage to take advantage of lower interest rates, consider asking for a loan modification. A loan modification is a change to the terms of your existing mortgage whereas a refinance means taking out a new loan and paying off the original loan. Why? Refinancing a [...]
Annual Financial Housekeeping
As we start off on a brand new year, it’s a great time to do some financial housekeeping. You’ll be pulling your documents together for tax preparation soon. Some of these organizing steps will help with your tax return preparation. What should I keep and what should I throw [...]
More tax benefits for higher education
One way the government encourages behavior that it sees as beneficial is by offering tax breaks. They offer a mortgage interest deduction to encourage homeownership. They offer deductions to encourage charitable giving. And, they offer tax credits for some college expenses. We wrote about the American Opportunity Tax Credit (AOTC) [...]
Didn’t qualify for federal aid…? Consider this!
Most people know that they should complete the Free Application for Federal Student Aid (FAFSA) each year that their student is in college (see this post for more info). The FAFSA will be used as the application for federal student loans and to determine your Expected Family Contribution (EFC) – [...]