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4 Tax Tips for Students in Seasonal Jobs

Posted on Jun 29, 2017 with No comments

Jun 29, 2017

Working a seasonal job is a great way for students to pick up some additional spending money or to pay down that cell phone bill. Follow the four tax tips below to make sure your next seasonal job is headache-free when tax season rolls around.

Make a Resume


Okay, I know this isn't much of a tax tip, but you won't need any tax tips if you don't get the job, and having all your ducks in a row before you even apply for the job will help make sure you get it in the first place.

Even if you're a student without much of a work history, you're still going to need to gather together all your personal info and references to put down on your job application, so why not have them ready to go in resume form? You'll make a better first impression at your interview and will have a better chance of getting the job, compared to all those other kids who don't have resumes and show up unprepared.

Keep Your Own Records


Always track your own hours and pay. Employers sometimes make mistakes, so you don't want to lose out on any pay that you earned. Just keep a doc on your phone or write it all down in a little notebook every day. Record your start time and end time every day and the total hours worked per day and per pay period. Then go back when you get your paycheck and make sure that everything adds up. If you find a discrepancy, don't be shy—inform your employers so that they can make things right. A money management service might be able to help you do this more easily.

Don't Forget To Declare Your Tips


Tips count as income too, and you're required by law to report them to the IRS if you earn more than $20 in tips in any given month. Since you're keeping track of your hours and pay as recommended above, it's not hard to add in one more number to your notepad.




Hey, you want to be treated like an adult, right? Well, the flip side of that is acting like an adult, so follow the law and declare all your income.

Do Your Taxes For Free Using IRS Free File


Sure, you could go to your Dad's tax accountant and get your income taxes filed for 50 bucks or whatever, but why pay for tax services when you can get them done for free? The IRS offers students a service online called IRS Free File. It's easy to use and totally free.

Even if you don't end up earning enough at this job to owe federal taxes, you still need to declare that income and file a tax return. And if your employer withheld any earnings from your paychecks for taxes, then only way to get that money back is to file your taxes.

Okay, so you've got your resume, and you've got your notepad ready to track your hours, earnings and tips. You even know where to go to file your taxes for free. Looks like you're all set! Now get out there and make that money! And don't forget to toss Mom a few bucks for gas money.


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5 Ways Students Can Save Money with a Staycation this Year

Posted on Jun 23, 2017 with No comments

Jun 23, 2017

Managing money and arranging a trip are 2 things that do not typically go together, however it is feasible to organize a trip without shelling out a lot of money.

In the last couple of years, staycations have actually ended up being more and more frequent with university student-- and it's simple to see why.

Still how can you save cash on your staycation? Is it likely to experience a few days away with your loved ones for $200? We've rounded up 5 ideas to do precisely that.

Find Alternatives to Hotels


Rather than opting for a chain resort for your vacation away, look at the advantages of bed and breakfast lodging.

Not just are B&B s typically more affordable than hotels, nevertheless they're homely, comfy and informal-- you're always assured a personalized service.

Travel When Prices are Low


Stay away from summertime vacations, national holiday and on-peak times if you wish to save money on your lodging and activities.


Typically speaking, the months of March-May and September-November are best for a staycation, as you'll still have the ability to see warm temperature without needing to pay a premium for your lodging.

Don't Eat Out


Depending upon the length of time you're going on vacation for, this idea will not consistently be ideal. Nevertheless, if you're deciding on a staycation, bring your own meals and treats so that you can steer clear of pricey room service, coffee shops and takeout costs.

One practical tip is having cereal bars to save money on breakfasts, and sodas to keep kids hydrated on their trips.

Try to find cost-free adventures


Another fantastic method to save money on your staycation is to watch out for cost-free activities that the entire household can appreciate.

Naturally, taking a walk along the beach or country must come at the top of your list.

Check out a gallery or tourist attraction, and save more by preparing a picnic to minimize splashing out on pricey sandwiches and beverages.

Only Use Your car


Rather than wasting money on buses or planes, think about taking your vehicle on your staycation.

Not just will it be easier, yet it'll be more affordable and will mean you will not have to depend on public transportation and taxis when driving around your trip location.

There you have it-- 5 ideas to save money on your next staycation.

Have a wonderful time, and keep in mind that by thinking before you buy, you'll have the opportunity to save money that you can use towards your next college break.

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3 Ways College Students Can Stay Out of College Debt

Posted on Jun 20, 2017 with No comments

Jun 20, 2017

Since the high school class of 2017 has recently finished, a number of the graduates and their parents are attempting to determine the best ways to provide for college with as little personal debt as possible. It will not be easily done, as 8 in 10 college seniors, 57% according to The Institute for University Students had student loan debt. Typically that balance was $30,100 per person. Student loan debt is now the 2nd leading type of financial debt in U.S. behind home loan financial debt.

Planning for College Costs


Planning to pay for school can and must begin much earlier than graduation year, however understanding the very best saving instrument is puzzling. There are a number of options and as moms and dads a number of us wish to provide our kids a much better future than we had available.

College savings and the provided financial investment accounts have actually evolved drastically throughout the years. You've simply got to comprehend exactly what are the various strategies and exactly what are the advantages and disadvantages to each of them. At the very primary level a few of these strategies will provide both current and future tax advantages.

Coverdell Educational Savings Accounts


The Coverdell Educational Savings Account is the very first type of a college savings account. Many individuals aren't utilizing these now, however there are specific advantages that aren't used by the 2nd kind of strategy which is the 529 state sponsored college savings account.

529 Plan Accounts


With a 529 account each state has their own program available allowing adjustable spending towards college. Also, if your student chooses not to enter into a conventional college education, the money can be shifted to another kid or family member.

You may see present tax advantages when you make the payment and, generally, the money will grow tax deferred and if it's utilized for college costs it will be utilized on a free of tax basis-- so there are a great deal of really strong tax advantages. 

However many individuals do not comprehend that every state has their own 529 program and you can opt to utilize a different state's program. If you like the advantages, or perhaps the mutual fund provider that sponsors another state's program you can select that program. So it's definitely crucial to sit down with a financial consultant and certainly comprehend the advantages of each.

Custodial Roth IRA Account


A 3rd alternative is a custodial Roth IRA account. You can set aside or match 100% of a youngster's earnings as much as $5,500 a year in that account. Contributions can then be taken out to help pay for college costs.

What takes place is individuals get so overloaded with the provided options and comprehending the tax advantages and they simply decide to do nothing and disregard the issue. The very best guidance is to not depend upon google to figure this out. The sooner you begin the better, to take advantage of compound interest.

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