Client Blog Articles

The Best Way to Save for College

College tuition is rising. In fact, it has risen in costs 500% since 1985! It is outpacing inflation by 121%. Not only is it outpacing inflation but it has eclipsed rising healthcare costs by 286%! Yikes!

The average student goes in debt for about $20,000 and 8% of students have a loan of $40,000 or more. So what is the best way to save for college to ensure your children aren't swamped in debt for all of their career?

Here's the best way to be ready to pay for college:

Look for a Job, Find Tax Deductions

Looking for a new job isn't actually ‘taxing' after all. Did you know that you can deduct costs related to your job when you file? All the things like paying for LinkedIn Premium, hiring a recruiter and good ol' printing and mailing resumes can add up.

Here's a list of common deductions you can take:

Starting a New Business: What Are My Tax Obligations?

If you are starting a new business it's important you start out on the right foot with the IRS.

You'll want to make sure you correctly identify how you will classify your business for tax purposes. Not correctly choosing the right one can leave you vulnerable to tax penalties and liable for damages caused by your business.

So it's important to know what's at stake and what best fits the needs of your new venture.

Here are a list of ways you can classify your business:

What to do if you get a notice from the IRS.

Deal with it now!

If you've received a notice or letter from the IRS, it’s best to deal with it right away. The more letters they send out the harder they are to deal with.

Don't Panic.

Get Free: 4 Common Sense Ways To Get Out of Debt!

If you take more than you make, you may have find yourself with more debt than you know what to do with.

Don't feel bad. It happens easily and can sneak up on you. There are so many things to pay for: car repairs, food (especially growing costs if you have a family), mortgage, utilities, taxes, classes, memberships, entertainment, gas, insurance, more insurance, medical expenses...and it seems to snowball doesn't it?

And it happens to the best of us. It tends to snowball right onto credit cards and payment plans you've worked out along the way here and there.

6 Things People Fail To Budget For

When you don't budget for reality, 1 of 2 things will happen: you'll come up short on paying for everything you've budgeted or you'll absorb the unexpected expense in the form of debt. Neither is good (credit cards are a dangerous form of planning for emergencies).