January Advisor Newsletter

This really has nothing to do with Torrid Technologies, other than we all love good southern, smash-mouth football! We hail from a number of mostly SEC schools…you know, we are located in Atlanta.

So, we want to know, who do you think should be College Football’s National Champions?  Alabama, Florida State, Ohio, Oregon…Other???

Let us know what you think and why. Weigh in on the new playoff series. While you’re here, make a Super Bowl prediction.

Parents who are looking for ways to manage their finances should be sure to get these great tax credits and deductions. Federal education tax deductions and credits focus on post secondary education, but check your state to see if there are benefits for paying your child’s education in grade school and high school. If you have a child attending college this year, or if you are a college student and you are not claimed as a dependent, you can get some wonderful tax credits and deductions for college expenses.
American Opportunity Credit
Depending on your household income, you can receive a tax credit of up to $2,500 for each qualifying student. Qualifying students have to be enrolled at least half time and be pursuing a degree or some academic credential.
You can claim the tax credit for the first four years of college enrollment, provided your child and the school they attend meet the requirements. Students can claim this credit on their taxes if they are not a dependent.
Qualifying expenses include tuition, books and related materials, such as mandatory school activity fees, and certain course-related equipment. Room and board do not count as a qualifying expenses. You should receive a Form 1098-T from the educational institution that you paid by January 31, 2014.
Lifetime Learning Credit
You can claim this credit for as many years as you pay qualifying expenses for your higher education. This can be used even if you aren’t pursuing a degree. You can claim up to a $2,000 credit per tax return. Please note, you cannot claim both credits in the same year.
Student Loan Interest Deduction.
If both you and your child, or either one of you, took out student loans you may be able to deduct the interest you paid on the loans up to $2,500. Your modified adjusted gross income has to be less than $75,000 for single filers and $155,000 for joint filers.This deduction can be a big help because it’s used to calculate your taxable income. You should receive a Form 1098-E by January 31 that will give you information on qualifying interest paid that you can deduct on your tax return.

Retirement Planning… Can Men Learn From Women? Article on Forbes.com Outlines Where Men Should Model Women’s Pattern of Saving Diligently and Investing In a Disciplined Manner

http://www.forbes.com/sites/nextavenue/2014/10/02/retirement-planning-men-can-learn-from-women/

Can you attest to this in your own household? Have you noticed patterns similar to what’s outlined in the article in yourself or in a mate? Comment here.