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Creating the “Acceptable” College Applicant
America’s colleges and universities no longer have enough room to accommodate all the qualified students who apply. As a result, schools are forced to reject far more applicants than they accept. The goal of admissions committees is to weed out the...
New Website for College Students to Exchange Textbooks and More on Campus
Why pay $100 for a textbook when you can get it for a much lower cost? Why should your campus bookstore rip you off? Ever walk around campus and see a lot of fliers for used textbooks trying not to be sold back at the campus bookstore?
A new...
The Key to Online College Classes - Have it Your Way
Never before has online education been more esteemed than today. In most circles online learning is haled as a viable alternative to traditional classroom settings. Not long ago, distance learning was perceived as trendy, faddish and nuvo. What's...
Tips On College Selection
It is highly recommended that early in the college selection process, parents and student(s) visit some schools to determine if they’ll be suitable. The criteria that must be considered before any college is applied to include: •Average GPA, SAT I,...
Top College Basketball Arenas
If you're a fan of college basketball then these are the courts that are said to be the best of best to watch a game in. Between the skills the seating and the concessions there's no better place to see a game then these courts.
In first is...
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Using The Tax System To Finance A College Education
For almost every family in America except the very rich trying to figure out a way to pay for their children’s college education is a very real and pressing concern. A four year program at the cheapest public school in the country will cost from $40,000.00 to $50,000.00 a year and at a good school you are looking at least $100,000.00 a year and probably more.
That’s why you have to start planning now for that happy day when it’s time for your kids to head off to college and the good news is that you can use the tax system to help pay for the bills. In 2001 the United States Congress approved $29 billion in tax cuts for families facing education bills and you should at least get your share of that money to help finance your families college education plans.
The changes included increasing the contribution limit under the Education IRA from $500 a year to $2,000 for each child under age 18 into a special Education Individual Retirement Account. You get to take this money out without paying taxes when your child enters college and along the way you get tax-deferred growth and tax-free withdrawals.
There are some restrictions on qualifying for the Education IRA phases out if your income is over $100,000.00 individually or $200,000 as a couple but if you don’t qualify you can set the account up
under a grandparents name.
There are also education tax credits that help defray the cost of a college education and they include the Hope Scholarship and the Lifetime Learning Credit.
The Hope Scholarship offers a tax credit of up to $1,500 a year for the first two taxable years that your child is in college. You get a dollar-for-dollar tax credit for the first $1,000 of tuition and related expenses and 50 cents on the dollar on the next $1,000.
The Lifetime Learning Credit applies to expenses for academic periods, and can be used any year for an unlimited number of years. It provides a 20% credit on the first $10,000 of qualified expenses that also includes educational expenses to acquire or to improve job skills.
Once again, these tax credits are phased out by income levels of between $80,000 and $100,000 for family incomes and $40,000 to $50,000 for single filers. Please note however that you can’t use an Education IRA and a tax credit to pay for the same expenses.
About the Author: This article provided courtesy of http://www.degrees-online.net
Source: www.isnare.com
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