Daniel J Wansten - Authors Articles - ArticlesBase.com: "Raising Money - $mart Kids
21/02/2008 | Finance
This article will help guide you to raise money smart kids. Read"
If you want information on college funding of finacial aid, check out howtoaffordcollege.com, for insider tips on heping your kid afford college.
Thursday, April 10, 2008
Wednesday, April 9, 2008
Tax season: tax tips for college parents
Tax season: tax tips for college parents
If you are a college student or parent, I would not be surprised if you filed your tax returns six weeks ago.
Why? Because you need financial information from your federal tax returns to file the Free Application for Federal Student Aid. And March 1 was the deadline for many of the financial aid programs that Monroe County students are eligible for.
Yes, you can file FAFSA with estimated tax figures and provide amended information later. Some families who participated in the College Goal Sunday program Feb. 10 at Monroe County Community College did just that.
I decided it wasn’t worth my time to fill out paperwork twice, and wanted all our financial figures correct from the start. I arranged to get our taxes done as soon as the IRS was able to accept our returns, and filed FAFSA and all the other paperwork well before the March 1 deadline.
Now, if you are just now starting to work on your 2007 tax returns, there are college tuition credits that you may be able to claim. But it’s a tricky set of calculations. Even my tax preparer was surprised when she ran the numbers. She got us a bigger tax refund than first expected when she took the time to compare all the options.
Daniel Wansten, president and founder of Professional Education Services, a college financial aid consulting firm in Grand Rapids, recently sent out a press release that was listed with other tax information on page 7A of the print and e-editions of The Monroe Evening News. If you missed the article, here are his tips:
When the Economic Growth and Tax Relief Reconciliation Act was passed several years ago, it turned a complicated situation into something even more complex. Following are a few points families of college students should consider when filing their taxes this year:
Withdrawals from qualified state tuition programs, such as Section 529 plans, are now tax-free. This provides greater control for the owner of such plans.
Coverdell ESAs (education IRAs) are bigger. Beneficiaries younger than 18 can receive up to $2,000 a year with a tax deduction for contribution.
With a Hope Credit, parents are eligible to receive a 100 percent tax credit on the first $1,000 of each child’s tuition fees for the first two years and a 50 percent credit for the next $1,000 worth of expenses in the same period.
Deductions for the interest paid on qualified student loans were raised to $2,500. Those earning more than $50,000, or $100,000 for joint filers, are ineligible for the full $2,500. This deduction is not available for those whose income exceeds $65,000 or $130,000 for joint filers.
Timing is crucial. Pay a tuition fee too early and you could find yourself unable to claim a tax credit.
Receiving one tax credit may make you ineligible for another. If you’ve paid for expenses with money pulled out of a 529 Plan, you cannot earn a Hope Credit.
Tax benefits received will impact your expected family contribution (EFC), the amount of money the family is expected to contribute for the year toward the student’s cost of attendance. This figure is compared to the cost of attendance to determine a student’s aid eligibility.
Posted: April 2nd, 2008 under College, Taxes.
For more incredible information on finacial aid and college funding, go to http://www.howtoaffordcollege.com.
If you are a college student or parent, I would not be surprised if you filed your tax returns six weeks ago.
Why? Because you need financial information from your federal tax returns to file the Free Application for Federal Student Aid. And March 1 was the deadline for many of the financial aid programs that Monroe County students are eligible for.
Yes, you can file FAFSA with estimated tax figures and provide amended information later. Some families who participated in the College Goal Sunday program Feb. 10 at Monroe County Community College did just that.
I decided it wasn’t worth my time to fill out paperwork twice, and wanted all our financial figures correct from the start. I arranged to get our taxes done as soon as the IRS was able to accept our returns, and filed FAFSA and all the other paperwork well before the March 1 deadline.
Now, if you are just now starting to work on your 2007 tax returns, there are college tuition credits that you may be able to claim. But it’s a tricky set of calculations. Even my tax preparer was surprised when she ran the numbers. She got us a bigger tax refund than first expected when she took the time to compare all the options.
Daniel Wansten, president and founder of Professional Education Services, a college financial aid consulting firm in Grand Rapids, recently sent out a press release that was listed with other tax information on page 7A of the print and e-editions of The Monroe Evening News. If you missed the article, here are his tips:
When the Economic Growth and Tax Relief Reconciliation Act was passed several years ago, it turned a complicated situation into something even more complex. Following are a few points families of college students should consider when filing their taxes this year:
Withdrawals from qualified state tuition programs, such as Section 529 plans, are now tax-free. This provides greater control for the owner of such plans.
Coverdell ESAs (education IRAs) are bigger. Beneficiaries younger than 18 can receive up to $2,000 a year with a tax deduction for contribution.
With a Hope Credit, parents are eligible to receive a 100 percent tax credit on the first $1,000 of each child’s tuition fees for the first two years and a 50 percent credit for the next $1,000 worth of expenses in the same period.
Deductions for the interest paid on qualified student loans were raised to $2,500. Those earning more than $50,000, or $100,000 for joint filers, are ineligible for the full $2,500. This deduction is not available for those whose income exceeds $65,000 or $130,000 for joint filers.
Timing is crucial. Pay a tuition fee too early and you could find yourself unable to claim a tax credit.
Receiving one tax credit may make you ineligible for another. If you’ve paid for expenses with money pulled out of a 529 Plan, you cannot earn a Hope Credit.
Tax benefits received will impact your expected family contribution (EFC), the amount of money the family is expected to contribute for the year toward the student’s cost of attendance. This figure is compared to the cost of attendance to determine a student’s aid eligibility.
Posted: April 2nd, 2008 under College, Taxes.
For more incredible information on finacial aid and college funding, go to http://www.howtoaffordcollege.com.
Tuesday, April 8, 2008
Raising Money - $mart Kids
Raising Money - $mart Kids: "In 1999 Daniel Wansten founded Professional Education Services as one of the nations leading authorities on solving cash flow problems for families. Daniel has been seen on TV 13 news and featured in several newspapers and magazines. For free help on paying the college bill go to our website http://www.HowToAffordCollege.com and for free help with rollovers or other financial planning please contact our office at 866-949-7935."
Monday, April 7, 2008
StudentMojo.com
StudentMojo.com: "“It’s no secret that college is expensive, but many students and their parents still fail to take advantage of the numerous financial aid opportunities available to them, and consequently, they end up having to take higher student loans,” states Wansten. “Don’t be surprised if you’re having difficulty with the financial aid process; the various government entities hope you give up so they can keep more of the available funds. Reach out to a professional consultant who has greater familiarity with the system and can maximize the dollars you and your child receive for their continuing education.”
About Daniel Wansten and Professional Education Services
Daniel J Wansten is the author of CASH FOR COLLEGE and Founder of Professional Education Services. P.E.S. is an independent education consulting firm providing expert financial aid advice to college-bound students and their families. Based in Grand Rapids, Michigan, Professional Education Services also offers life coach counseling to determine which college or university best matches each student’s skill set. For more information, visit http://www.howtoaffordcollege.com."
About Daniel Wansten and Professional Education Services
Daniel J Wansten is the author of CASH FOR COLLEGE and Founder of Professional Education Services. P.E.S. is an independent education consulting firm providing expert financial aid advice to college-bound students and their families. Based in Grand Rapids, Michigan, Professional Education Services also offers life coach counseling to determine which college or university best matches each student’s skill set. For more information, visit http://www.howtoaffordcollege.com."
How to Afford College
How to Afford College: "You're the parent of a college-bound student, and you're probably wondering how in the world you are going to pay for it! You have every right to be concerned since the average cost of a 4-year college education today is between $80,000-$160,000.
“Over 50% of all college students are forced to drop out - many due to the lack of money ... they didn't plan to fail, they simply failed to plan!” - preparingforcollege.com
I guarantee you will discover how to beat the high cost of college-or you
don't pay me a single dime! In fact, many families discover they can send their child to an expensive private university for less than the cost of a state college!" If this sounds like you, then you should visit the website howtoaffordcollege.com it will help you save incredible amounts of money on your childs college education.
“Over 50% of all college students are forced to drop out - many due to the lack of money ... they didn't plan to fail, they simply failed to plan!” - preparingforcollege.com
I guarantee you will discover how to beat the high cost of college-or you
don't pay me a single dime! In fact, many families discover they can send their child to an expensive private university for less than the cost of a state college!" If this sounds like you, then you should visit the website howtoaffordcollege.com it will help you save incredible amounts of money on your childs college education.
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