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How much of your college scholarship is taxable?

Wait! What? My scholarship money is taxable?Many students have no idea that their scholarships might be taxable.Due to the coronavirus the income tax deadline has been extended to July 15, 2020.Payments and interest on federal student loans for 6 months of relief…. So, about those scholarships and possible taxation.Any aid used for living, travel and…

Federal Income Tax Filing Deadline Extended 3 months

You Have an Extra 3 Months to File Your Taxes. Should You Wait? If you’re owed a refund, it may be better to file quickly.  You can also file your return now but wait until July 15 to pay any taxes owed. Why postpone the inevitable. If you expect to owe taxes, file now and…

Easy way to build an emergency fund

According to the IRS, around 72% of Americans received a refund on their taxes in 2019. This extra cash may be the largest check some people receive all year and can be a perfect opportunity to start—or grow—your emergency savings funds.Learn how your tax return can kickstart your savings. The Consumer Financial Protection Bureau’s guide…

Time to update your income tax withholding

With the changes in federal income taxation resulting from the recently passed “Tax Cuts and Jobs Act,” NOW is the time to update your withholding. With so many changes in federal income taxes, including an increased standard deduction, elimination of personal exemptions, increases in the child tax credit, limited or discontinued certain deductions, and changes…

Useful Reference & Planning Guides: 2018 Taxes, Long term care, Social Security, & Medicare

Manning & Napier produced four 2-page guides to the latest developments in federal income taxes,  long term care, Social Security, & medicare that are succinct and easy to understand. Check out:  Tax Reference Guide Our new tax guide has everything you need to know about tax reform, and changes to contribution limits and tax rates.…

Tax time is the time to act on retirement savings!

It’s time to feed your “Financial Freedom Fund.” The federal government (under previous administrations… not sure how long this great deal will last….) offers a tax credit to help workers boost their retirement accounts. “The Retirement Savings Contribution Credit, aka the Saver’s Credit, is a tax credit that may be applied to the first $2,000…