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Terry Savage: Tuition tax deductions and credits

Business / Terry Savage /

When it comes to college and money, everyone is focused on getting money for college this year or wondering whether the new administration will forgive some student loans of the past. But with the tax return deadline now pushed to May 17, you might want to also focus on the tax implications of scholarships, loan payments and that pile of ...Read more

Credit Scores Improved During Pandemic. Let's Keep It Up

Business / Terry Savage /

Have you checked your credit score lately? It might have improved during the pandemic, and there are steps you can take to help that process along. In fact, many people are at a critical moment when they can either raise their scores or revert to their old spending habits.

While we know that many families are struggling, there’s evidence that...Read more

A Brief History of Taxes

Business / Terry Savage /

The Internal Revenue Service has postponed the deadline for filing income taxes for 2020 to May 17, 2021, giving Americans a chance to avoid this unpopular topic for an extra month. Most states that have an income tax have fallen in line. But those first quarterly estimates are still due on April 15 and June 15.

Did your eyes just glaze over at...Read more

Investing, Not Speculating, is the Key to Long-Term Wealth

Business / Terry Savage /

As the stock market makes new highs and headlines, the pundits continue to debate which stocks will outperform. And how high could the stock market go? Or will a bear market wipe out all recent gains?

You’ll get wide disagreement among market professionals on these issues. Even worse, some people now think the stock market is just a "game" to...Read more

Obamacare Revisited

Business / Terry Savage /

In the midst of the pandemic, the subject of health insurance has been pushed to the background, even as millions have lost their jobs and their health insurance at the same time. But one of the first acts of the Biden administration was to reopen HealthCare.gov — the health insurance marketplace established by the Affordable Care Act, or "...Read more

Rebellion of the Bond Market

Business / Terry Savage /

While all eyes are focused on the rising stock market, the bond market is staging a quiet rebellion. Interest rates are rising inexorably, despite pronouncements from Fed Chair Jerome Powell that there is no inflation in sight, at least for the next three years.

Still, bond buyers are demanding slightly higher interest rates, especially when it...Read more

Terry Savage: Negotiate college costs down

Business / Terry Savage /

If you’re the parent of a student headed off to college in the fall (hopefully not virtually), you are about to make some big money decisions about how to pay for college — and whether the cost is worth the ultimate price.

The good news is that because of COVID-19, the balance of power has shifted dramatically this year. Colleges suddenly ...Read more

Speculation addiction

Business / Terry Savage /

Who ever dreamed that Roblox and Fortnite would be the "gateway drugs" to stock speculation? But it's hardly a surprise that a generation that grew up on video games — honing their quick decision-making skills and even paying real money to purchase "extras" — would suddenly turn to "playing" in the stock market!

No amount of rational ...Read more

Take advantage of free online tax filing

Business / Terry Savage /

Tax filing season for the year 2020 is upon us. For many people, it will be both a challenge and an opportunity. The challenge may come in electronic filing for those who have used paper returns in the past. But the opportunity lies in getting your unpaid but deserved stimulus refund deposited to your account within weeks. The entire process ...Read more

Revenge of the nerds

Business / Terry Savage /

With a bit of detached amusement, I have been watching the outrageous price gyrations of some stocks that many had written off as almost total losers.

Whether it was GameStop’s collection of dated retail stores playing in an industry that is totally online, or AMC Theatres standing empty for nearly a year, or Tootsie Roll candies not selling ...Read more

How do we solve the student debt problem?

Business / Terry Savage /

One of the very first acts of President Biden was an executive order extending the “pause” on required student loan payments through September. But it is likely to be only a first step in the new administration’s approach to the current $1.7 trillion in student loans.

The word “forgiveness” looms large, but the details of any proposal...Read more

 

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