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March 2016 Newsletter

March 2016 Newsletter March Madness! Happy March Madness! If you are the parent of a high school senior, March Madness has a new exciting definition. This March you’ll be scrambling to finish your taxes early, update your FAFSA application, plus send tax returns, special financial circumstances explanations and more to your private colleges. By the end of March, you’ll know all your college acceptances and financial aid awards and be down to your…

Will My Scholarships Be Taxable?

First, congratulations on winning that scholarship! This is a great question, especially now that it’s tax time. Scholarships are generally considered “free money” and not taxed. But…We’re talking about taxes, so there are exceptions. Let’s take a quick look at which situations are taxable and which are not. Non-Taxable Scholarships Scholarships, grants and fellowships are…

December 2015 Newsletter: End of Year FAFSA Tips & More

It’s December!  Before you settle in for the holidays, make sure you have optimized your 2015 end of year financial aid strategies. Next year new FAFSA rules will be implemented, which makes 2015 income a critical year for everyone. If you have a high school senior, college freshman or college sophomore, 2015 income will count…

New FAFSA Rules Start the Clock Ticking to Get Your Plan in Order before the End of 2015

Have you started planning for college yet? It might seem early to have a college funding plan in place if your daughter or son is only 14 or 15. College is 3 years away, but the time to start detailed planning is actually now. The FAFSA (Free Application for Federal Student Aid) is the core…

Taxable Scholarships

Is a Scholarship Taxable?

It’s tax season, and time to organize and gather all your financial papers.  If you’re a college student or a recent graduate that has received a scholarship over the past year, you may owe taxes on it.  Typically, scholarships are known as “free money”, but there are certain circumstances that require students to claim the scholarship…

Tax Strategies

4 Tax-Saving Strategies for College Funding

It seems there are as many ways to save for college as there are colleges.  It pays to do some research and understand ways you can not only save for your child’s education, but also save on your yearly tax bill. Depending on how much college costs, it’s possible to use tax strategies to save as much…