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AN EDUCATION ON COLLEGE SAVINGS

Saving for your child’s education can be a daunting task.  You need to calculate how much money must be saved to reach your goal, what type of plan you should contribute to, and what the different tax implications will be.  With college costs increasing an average of 5% each year, the price of a college education in the future seems staggering.  A child born today will pay more than $237,000 (see chart below) for the average public institution or $536,000 for the average private university by the time they begin college.  Determine your average cost from the table below to come up with a projected goal. Keep in mind that additional needs such as a car or plane tickets for trips home, will increase the savings required.  Once a target goal has been defined, you may choose among multiple investment options.  A common mistake parents make at this point is to place assets (i.e.: stocks, bonds or savings accounts) in ...

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My High School Was Ranked #144th Last Year

U.S. News and World Report (source: www.usnews.com) just came out with its recent ranking of the top high schools in the United States last year.   U.S. News evaluated more than 28,000 schools to determine the top public high schools nationally, and in all 50 states and the District of Columbia. Five hundred high schools received gold medals, 2,173 schools earned silver and 3,545 took home bronze in the national rankings.  Texas and Arizona has the most schools while Maryland had the most number of schools that qualified for silver and gold medals relative to those schools that were eligible. Just as any good parent would do, I immediately scanned the list to see where my chlidren’s school fleshed out on the list because we moved 10 years ago to get into a good school district.  It turns out that Milton High School (with over 2,000 kids) place #255th nationally and was also ranked #7 in the state of Georgia.    Looking at how ...

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Don’t Forget the $150 Drivers Education Tax Credit

Who knew? The Driver School License Training Act actually exists.   This is why Your Smart Money Moves is a top ranked blog.  We stay on top of these things so you can improve your bottom line.   You’ll be filing taxes soon, and if you live in the State of Georgia and have a child who took drivers education you can be eligible for this nice little tax credit.   As long as you took courses from a private school, you’ll be eligible for this 2013 state tax deduction. O.C.G.A. 48-7-29.5 (2010) 48-7-29.5. Tax credit for private driver education courses of minors; required documentation; rules and regulations (a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 with respect to the amount expended by such taxpayer for a completed course of driver education for a dependent minor child of such taxpayer at a private driver training school licensed by the Department of Driver Services under Chapter ...

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