In addition to planning for all of the usual college expenses, such as tuition, room and board, and books, college students need to put together a budget for their “spending money” during the school year that includes those unexpected costs of college such as eating out, personal hygiene items, transportation expenses, sorority/fraternity dues, and any other expenses associated with joining a club or organization. Will this money come from graduation gifts, an allowance, or funds earned over the summer? And what can college students do to help offset these expenses? Here are a few ideas: • Sign up for...Read More
Author: Clare Levison, CPA
It’s tax time, the most wonderful time of the year. Well, not really but many of you will be getting a refund and a few extra dollars back in your pocket is always a good thing. I’m frequently asked about smart ways to spend your refund, but I think my answer could more appropriately be titled – Smart ways to save your refund. If you owe taxes this year, you have my condolences. If you’re getting money back, here are my top three tips for what to do with your refund: 1. Start or enhance your emergency fund– Do...Read More
With tax season underway, you might be thinking about the impact taxes have on your income, especially if you have a new business or a side business.The Internal Revenue Service defines a hobby as something you do for sport or recreation, not to make a profit and a business as something you do to make a profit. In determining whether you are carrying on an activity for profit, the IRS takes nine factors into account. They are: You carry on the activity in a businesslike manner. The time and effort you put into the activity indicate you intend to...Read More
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