Taxes

Should I Itemize My Deductions When My Standard Deduction is Higher?

Unlike me, my sister is an actual accountant. When I was talking to her about her taxes a few months ago, my ears perked up when she said she was still itemizing deductions on her federal tax return, even though her itemized deductions were less than her standard deduction.  Huh? I thought the equation was… Continue reading Should I Itemize My Deductions When My Standard Deduction is Higher?

Education · Financial Aid

Financial Aid: Student’s Contribution

The FAFSA’s Expected Family Contribution (EFC) for college expenses has two components. I dug previously into the Expected Parental Contribution (EPC) and how to minimize it. Today, we’ll look at the second component, the Expected Student Contribution (ESC). Obviously, the expectation for how much a student contributes to their own education is higher than for… Continue reading Financial Aid: Student’s Contribution