education – Debra Newby Watkins CPA

Getting the Most Out of Your Education

Did you know that by including certain scholarships as income you might be able to increase your education credit, reduce your total tax, or increase your tax refund? The key is finding awards that may be used for other expenses such as books, or room and board.

For detailed instructions on determining what kinds of grants and scholarships are eligible and how to apply these for best tax savings, see Maximizing the higher education tax credits: Including a scholarship in gross income can sometimes save on taxes in the Journal of Accountancy.

Singer Cancels Austin Show Due to Campus Carry

From the beginning of this academic year, the campus carry law has allowed students at the University of Texas with concealed carry licenses to bring their weapons onto campus. Due to this law, folk singer Ray LaMontagne has cancelled his show scheducled for Thursday evening at the Bass Concert Hall. In a Facebook post he stated, “No matter how hard I try to understand the rationale for allowing guns on campus or more broadly, the ‘concealed carry’ law in general, I just cannot in any way support that ideology.” University officials confirmed that the campus carry law would indeed allow students to bring firearms into the concert venue.

College Financial Aid Changes

Proposed changes in the timeline for college financial aid offers will give students more time to weigh their options and make an informed choice about which school is the best fit. Starting this year, families can file FASFA (the Free Application for Federal Student Aid) as early as Oct. 1st. This gives students more time to compare the affordability of various schools and to gather information about their educational programs, leading to a more informed choice and a better college experience.

At Last, Your Financial Aid Ordeal Has Gotten Easier

Who Has The Higher Unemployment Rate?

This month, many high school graduates walked the stage and are now preparing for the next step in their education. Will the college training they seek really help them get a better job and make more money? According to the current unemployment statistics, the answer to that question is, Yes. Quoctrung Bui for the New York Times highlights this point in the article, The One Question Most Americans Get Wrong About College Graduates. Even when the economy is down and college grads have difficulty finding work, those with degrees have a better chance of acquiring sustainable jobs that ultimately make more money than their non-degreed counterparts.