Archive - January 10, 2011

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5 Steps To Successfully Saving For College
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Change Coming For Earned Income Tax Credit Calculation In 2011

5 Steps To Successfully Saving For College

With the cost of college increasing almost exponentially lately, I’ve had several requests for information on college planning, so I thought I’d put together some tips.

1. Start Early – Obviously the sooner you can start saving for college, the better.

2. Know How Much You Want To Pay – First decide if you are paying 100%, or less. I read a neat article on this decision that broke down college savings into 3rds. The parents pay a third. The children pay a third. A third is funded from grants, scholarships, loans, etc.

3. Estimate How Much You Are

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Change Coming For Earned Income Tax Credit Calculation In 2011

There have been a few changes to the Earned Income Tax Credit (EITC) for 2011 and years beyond.  Some of these changes are pretty significant, others are more of the common variety.

No More Advance Payments

In the past, if a taxpayer was likely to be eligible to receive the EITC on filing his or her return, the law allowed the taxpayer to apply for and receive advance payment of a portion of the credit.  This is because the credit is refundable – even if you don’t owe any tax on your tax return, you’ll get something back with the …

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