July 22, 2016
1. Saving may cost less than borrowing. Think of an amount that your child may need to attend college. If you save or invest for it, the potential returns on your savings or investments may add up over time so that you may not need to contribute as much money yourself to reach your goal. If you borrow the full amount, you will need to repay it in full plus interest. Please note: All investing involves risk, including the possible loss of principal.
2. It’s important to shift a college fund to more conservative investments as college nears. The closer your children are to college age, the less time there is for their college funds to potentially recover from downturns in the stock market. To avoid having to sell stocks when the market is down in order to pay tuition, it is generally a good idea to shift to a less volatile mix of investments, such as bonds and cash, the closer your children get to college age.
3. Think about where to apply for financial aid or estimate how much aid your child may receive. The first step in applying for financial aid is to complete the Free Application for Federal Student Aid (FAFSA) on the FAFSA.ed.gov website. You can also get an early financial aid estimate on the same website if your child is not ready to apply for aid yet.
4. Consider where to find information about preparing for college. The website StudentAid.ed.gov offers a wealth of information for families with college-bound students, including an overview of financial aid, considerations when choosing a college or a career, checklists of what needs to be done in the years leading up to college, and much more.
5. Learn where to find and compare colleges. The website CollegeCost.ed.gov is a great place to start a college search. A link on the site takes you to the College Navigator, where you can search for and compare colleges on criteria such as costs, majors offered, school size, campus safety, and graduation rates. Another link takes you to the College Scorecard, where you can compare colleges based on their cost, graduation rate, and the salary after attending.
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.