FAQ #2 - What should I do to ensure a smooth move-in?
Here's a great moving day checklist from Apartment Guide:
• Make sure you arrive at your new apartment before your moving van.
• Check in with your apartment manager to perform an apartment walkthrough and get your apartment key, if you have not done so already. If you have made any special move-in arrangements, confirm those details with your apartment manager.
• Check to make sure the necessary utilities have been hooked up.
• If you are moving yourself, unload your belongings off your moving truck.
• If you are using a moving company, take note of items as they are unloaded to make sure nothing was damaged in transit. Once all of your belongings have been unloaded, read and sign any final paperwork (inventory, bill of lading, etc.) Keep a copy for your records.
• Pay and tip your movers.
• If you are moving yourself, perform any necessary tasks before returning your rental truck.
• Unpack your priority box and set up any furniture you will want to use that day, such as beds, chairs, etc.
And Remember to Change Your Address! You can do it online.
Friday, May 25, 2012
Ask An Expert 2012 - Apartments: FAQ #1
FAQ #1 - How to I find a cheap apartment?
Have a new apartment? Have questions about leases, reducing apartment expenses, and getting along with roommates? Ask an Expert! Former Leasing Consultant with over 5 years working for Lincoln apartment companies, Erin Wirth, will answer your questions!
The most common question the SMMC gets about moving off campus is how to find a cheap, but quality, apartment.
We've consulted with several leasing companies and they all recommended:
forrent.com
You can search for apartments by price.
Have a new apartment? Have questions about leases, reducing apartment expenses, and getting along with roommates? Ask an Expert! Former Leasing Consultant with over 5 years working for Lincoln apartment companies, Erin Wirth, will answer your questions!
The most common question the SMMC gets about moving off campus is how to find a cheap, but quality, apartment.
We've consulted with several leasing companies and they all recommended:
forrent.com
You can search for apartments by price.
Thursday, March 29, 2012
Ask An Expert 2012 - Taxes: FAQ #5
FAQ #5 - I got a refund. Any tips for what to do with it?
Here’s 3 ideas for what you can do with it!
SAVE IT!
Obviously this is a great option. Here’s some reasons why it’s important to save money:
* To Create an Emergency Fund
Even college students should have an emergency fund for unexpected expenses. Don’t let one event make your financial life spiral out of control, like an emergency car repair. Experts suggest having at least 3 to 6 months living expenses in your emergency fund.
* To Save For Your Financial Goals
What do you want to get out of life - graduate debt free, put a down payment on a house when you graduate, go on a study abroad trip, etc? So you could spend your refund on a new tv or clothes, but isn’t it better to think about what that money could instead help you achieve in the future?
Good Savings Tools:
* Savings Accounts
Very safe investments that earn low interest.
* U.S. Savings, Government, & Corporate Bonds
When you buy a bond, you are entering into a formal agreement where the borrower can use your money for a set period of time and you will get paid a specific amount of interest. Corporate bonds typically pay the highest interest rates but are riskier.
* Certificates of Deposit (CDs)
Banks and credit unions have their own versions of savings bonds, called certificates of deposit. You loan them money for a set period of time and get interest in return.
* Money Market Deposit Accounts
Offered by banks and credit unions, these work like checking accounts, but pay a higher rate of interest than savings accounts and require a higher minimum balance.
PAY OFF DEBT!
Have a credit card with a high interest rate? Have unsubsidized student loans you’re earning interest on? Use your refund to reduce the amount of debt you’ll have when you graduate!
INVEST IT!
Do you always hear about investing, but aren’t sure how to start?
Good Investing Tools:
* Mutual Funds
Professionally managed collection of money from a group of investors. Include various types of investments, including bonds, CDs, and stocks. A mutual fund manager decides what to buy or sell.
* 401Ks
Employer plans are retirement plans provided through your employer. Typically money is invested in mutual funds.
And REMEMBER....
You do need to enjoy life! If you do want to spend some of your refund on something that will make you happy, do it!
Here’s 3 ideas for what you can do with it!
SAVE IT!
Obviously this is a great option. Here’s some reasons why it’s important to save money:
* To Create an Emergency Fund
Even college students should have an emergency fund for unexpected expenses. Don’t let one event make your financial life spiral out of control, like an emergency car repair. Experts suggest having at least 3 to 6 months living expenses in your emergency fund.
* To Save For Your Financial Goals
What do you want to get out of life - graduate debt free, put a down payment on a house when you graduate, go on a study abroad trip, etc? So you could spend your refund on a new tv or clothes, but isn’t it better to think about what that money could instead help you achieve in the future?
Good Savings Tools:
* Savings Accounts
Very safe investments that earn low interest.
* U.S. Savings, Government, & Corporate Bonds
When you buy a bond, you are entering into a formal agreement where the borrower can use your money for a set period of time and you will get paid a specific amount of interest. Corporate bonds typically pay the highest interest rates but are riskier.
* Certificates of Deposit (CDs)
Banks and credit unions have their own versions of savings bonds, called certificates of deposit. You loan them money for a set period of time and get interest in return.
* Money Market Deposit Accounts
Offered by banks and credit unions, these work like checking accounts, but pay a higher rate of interest than savings accounts and require a higher minimum balance.
PAY OFF DEBT!
Have a credit card with a high interest rate? Have unsubsidized student loans you’re earning interest on? Use your refund to reduce the amount of debt you’ll have when you graduate!
INVEST IT!
Do you always hear about investing, but aren’t sure how to start?
Good Investing Tools:
* Mutual Funds
Professionally managed collection of money from a group of investors. Include various types of investments, including bonds, CDs, and stocks. A mutual fund manager decides what to buy or sell.
* 401Ks
Employer plans are retirement plans provided through your employer. Typically money is invested in mutual funds.
And REMEMBER....
You do need to enjoy life! If you do want to spend some of your refund on something that will make you happy, do it!
Ask An Expert 2012 - Taxes: FAQ #4
FAQ #4 - How can I figure out my tax status?
Talk to your parents to find out if you are still considered a dependent. If your parents are paying more than 50 percent of your expenses, they can list you as a dependent on their taxes.
Talk to your parents to find out if you are still considered a dependent. If your parents are paying more than 50 percent of your expenses, they can list you as a dependent on their taxes.
Ask An Expert 2012 - Taxes: FAQ #3
FAQ #3 - What is the difference between tax credits and tax deductions?
Tax deductions reduce your taxable income, not the tax burden that you owe.
Tax credits directly reduce your tax liability. There are also either refundable or nonrefundable tax credits. Refundable tax credits are tax credits that you can get back as a refund if your credits outweigh your liabilities. With nonrefundable tax credits, you do not get a refund even if your credits are more that your tax burden.
What’s the Difference Between Itemized vs. Standardized Deductions?
When you file your taxes, you can choose between itemized and standard deductions. Itemized deductions are those that you add up yourself. The standardized deduction is a lump sum that the government allows you to take. Use whichever deduction is greater.
Are There Deductions You Can Take Without Itemizing?
Yes. The deductions that apply to students include: Student loan interest deduction -The maximum amount of student loan interest you can claim as a tax deduction is limited to $2,500 - and the Tuition and fees deduction - The maximum amount of the tuition and fees deduction you can claim is $4,000 per year.
If I’m Itemizing, How Can I Maximize My Deductions?
Itemizing your deductions can take time. However, if you’ll save more from itemizing, it can be worth it. Do your research to make sure you take every deduction allowed. Some common tax deductions include:
* Tuition and fees
* Student loan interest
* Mortgage interest
* Charitable donations
* Medical expenses (if they are more than 7.5 percent of your adjusted gross income)
What Credits Might I Qualify For?
The IRS will not tell you if you missed any, and many are available. Credits students should look out for include:
The American Opportunity Tax Credit - A refundable tax credit for undergraduate college education expenses. This credit provides up to $2,500 in tax credits on the first $4,000 of qualifying educational expenses. The tax credit is scheduled to have a limited life span: it will be available only for the years 2009 through 2012, unless Congress decides to extend the credit to other years.
Tax deductions reduce your taxable income, not the tax burden that you owe.
Tax credits directly reduce your tax liability. There are also either refundable or nonrefundable tax credits. Refundable tax credits are tax credits that you can get back as a refund if your credits outweigh your liabilities. With nonrefundable tax credits, you do not get a refund even if your credits are more that your tax burden.
What’s the Difference Between Itemized vs. Standardized Deductions?
When you file your taxes, you can choose between itemized and standard deductions. Itemized deductions are those that you add up yourself. The standardized deduction is a lump sum that the government allows you to take. Use whichever deduction is greater.
Are There Deductions You Can Take Without Itemizing?
Yes. The deductions that apply to students include: Student loan interest deduction -The maximum amount of student loan interest you can claim as a tax deduction is limited to $2,500 - and the Tuition and fees deduction - The maximum amount of the tuition and fees deduction you can claim is $4,000 per year.
If I’m Itemizing, How Can I Maximize My Deductions?
Itemizing your deductions can take time. However, if you’ll save more from itemizing, it can be worth it. Do your research to make sure you take every deduction allowed. Some common tax deductions include:
* Tuition and fees
* Student loan interest
* Mortgage interest
* Charitable donations
* Medical expenses (if they are more than 7.5 percent of your adjusted gross income)
What Credits Might I Qualify For?
The IRS will not tell you if you missed any, and many are available. Credits students should look out for include:
The American Opportunity Tax Credit - A refundable tax credit for undergraduate college education expenses. This credit provides up to $2,500 in tax credits on the first $4,000 of qualifying educational expenses. The tax credit is scheduled to have a limited life span: it will be available only for the years 2009 through 2012, unless Congress decides to extend the credit to other years.
Ask An Expert 2012 - Taxes: FAQ #2
FAQ #2 - Do I have to file taxes?
Do I have to file taxes if I didn't earn very much?
If your filing status is single and you are under 65, you need to file taxes if your gross income was at least $9,500.
However, even if you do not have to file, you should file a tax return if you can get money back. For example, you should file if one of the following applies.
You had income tax withheld from your pay.
You made estimated tax payments for the year or had any of your overpayment for last year applied to this year's estimated tax.
You qualify for the earned income credit. See Publication 596, Earned Income Credit (EIC), for more information.
You qualify for the additional child tax credit. See the instructions for the tax form you file (Form 1040 or 1040A) for more information on this credit.
You qualify for the refundable American opportunity education credit. See Form 8863, Education Credits.
You qualify for the health coverage tax credit. For information about this credit, see Form 8885, Health Coverage Tax Credit.
You qualify for the refundable credit for prior year minimum tax. See Form 8801, Credit for Prior Year Minimum Tax — Individuals, Estates, and Trusts.
You qualify for the first-time homebuyer credit. See Form 5405, First-Time Homebuyer Credit and Repayment of the Credit.
You qualify for the credit for federal tax on fuels. See Form 4136, Credit for Federal Tax Paid on Fuels.
You qualify for the adoption credit. See Form 8839, Qualified Adoption Expenses.
Source: IRS.gov
Do I have to file taxes if I didn't earn very much?
If your filing status is single and you are under 65, you need to file taxes if your gross income was at least $9,500.
However, even if you do not have to file, you should file a tax return if you can get money back. For example, you should file if one of the following applies.
You had income tax withheld from your pay.
You made estimated tax payments for the year or had any of your overpayment for last year applied to this year's estimated tax.
You qualify for the earned income credit. See Publication 596, Earned Income Credit (EIC), for more information.
You qualify for the additional child tax credit. See the instructions for the tax form you file (Form 1040 or 1040A) for more information on this credit.
You qualify for the refundable American opportunity education credit. See Form 8863, Education Credits.
You qualify for the health coverage tax credit. For information about this credit, see Form 8885, Health Coverage Tax Credit.
You qualify for the refundable credit for prior year minimum tax. See Form 8801, Credit for Prior Year Minimum Tax — Individuals, Estates, and Trusts.
You qualify for the first-time homebuyer credit. See Form 5405, First-Time Homebuyer Credit and Repayment of the Credit.
You qualify for the credit for federal tax on fuels. See Form 4136, Credit for Federal Tax Paid on Fuels.
You qualify for the adoption credit. See Form 8839, Qualified Adoption Expenses.
Source: IRS.gov
Ask An Expert 2012 - Taxes: FAQ #1
FAQ #1 - Where Can I Go to Get My Taxes Done for Free?
Got questions about taxes? The UNL Student Money Management Center can get you the answers you need! We work with UNL's Volunteer Income Tax Assistance Program to get correct, concise, easy-to-understand answers to your tax questions!
The question we get asked over and over is:
Where can I get my taxes done for free?
Go to a UNL Volunteer Income Tax Assistance site!
Schedule & Locations
Got questions about taxes? The UNL Student Money Management Center can get you the answers you need! We work with UNL's Volunteer Income Tax Assistance Program to get correct, concise, easy-to-understand answers to your tax questions!
The question we get asked over and over is:
Where can I get my taxes done for free?
Go to a UNL Volunteer Income Tax Assistance site!
Schedule & Locations
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