The cost of going to college has been rising throughout the years and it is becoming less affordable for a lot of families. Most college students use some sort of financial aid to help pay for the costs of college such as student loans, grants, scholarships, IRA accounts, and other educational tax savings programs. Among all the financial resources, scholarships and grants … [Read more...] about 4 Main Scholarship Search Sites For Selected Minority Students
The Early Withdrawal Consequences on a Roth IRA
There might come a time when you'll find yourself in a financial bind and  may not have any other options but to tap your retirement plans. The IRS considers any withdrawals from your retirement plan an early withdrawal or distribution if made before you reached the age of 59 1/2 years. In general, the early distributions from most retirement plans will be included in your … [Read more...] about The Early Withdrawal Consequences on a Roth IRA
How to Report Hobby Income and Expenses on Your Tax Return
Hobbies keep balance in our life. It is an activity that we love and enjoy that help us relieve the stress of our day-to-day lives or a diversion to keep us sane. Although most hobbies are done just for leisure such as listening to music, playing sports, playing video games, reading books, traveling, or what have you, there are hobbies that can generate a little income on the … [Read more...] about How to Report Hobby Income and Expenses on Your Tax Return
7 Quick Facts About Roth IRA Contributions
In general, contributions to a Roth IRA are made using your after-tax dollars. Thus, there is no upfront tax savings to you, which may seem a bad deal on your current year's finances. However, the key advantage of this type of IRA is if you start receiving distribution come retirement time, you will not have to pay taxes on that. In addition, you can make an early withdrawal … [Read more...] about 7 Quick Facts About Roth IRA Contributions
2011 Tax Tables and Rates
Every year the tax tables are updated for cost of living allowance (COLA). Your tax filing status determines what tax bracket you're going to be at. Generally speaking, married people filing jointly (MFJ) usually receives the best tax rate. The United States tax system is progressive, which means that as your income increases, your tax rate increases as well. But the good … [Read more...] about 2011 Tax Tables and Rates