student loan Archives - Blau Company Accounting & Tax Preparation

Student Loan Debt: We Can Provide the Decision-Making Details You Need

Did you know that the average student loan balance is $24,803? Student debt is taking a heavy toll on borrowers, according to an American Institute of CPAs survey, which found that 75% of respondents or their children had made personal or financial sacrifices because of monthly student loan payments. Sacrifices included putting off saving for retirement (41%); delaying car purchases (40%); postponing a home purchase (29%); and even waiting on marriage (15%). Among the most troubling findings were that only 39% fully understood the burden that student loan debt would place on their future and 60% had at least some [...]

December 20th, 2014|General Consulting, Personal Tax|Comments Off

Time to Start Organizing Your Deductions

A deduction is an expenditure that will reduce your taxable income. There are two kinds of deductions: adjustments to income and itemized deductions. The adjustments to income are the better of the two, as they reduce adjusted gross income, or “AGI.” Itemized deductions reduce your taxable income. First, we will look at some adjustments to income. Educator expenses apply to K – 12th grade educators, and are limited to $250 of documented supplies per qualified taxpayer. Expenses exceeding $250 can be taken as a miscellaneous itemized deduction. A health savings account is an account set up exclusively for paying the [...]