Blog Archives

529 Plans and Taking Education Credits: Have Your Cake and Eat it Too

529 Plans and their Limitations 529 Plans can be an excellent planning tool to save for educational expenses.  While there are no specific federal deductions for them, many states provide a deduction for contributions to one either sponsored by that state or any state.  The Federal break comes on the back end when you take […]

Recertification: Tips & Tricks to Maximize Forgiveness

What Re-certification Means Once you’ve selected an Income-Based Repayment (IBR) plan as part of your strategy towards loan forgiveness, you will be required to recertify your income every year.  As part of this process, the Department of Education will review your application and supporting documentation to recalculate your student loan payment.  This has to be […]

What is Income-Based Repayment?

When enrolled in an income-based repayment plan, your loan payments are capped at a percentage of your monthly income, and your remaining loan balance will be eligible for forgiveness after 20 or 25 years, depending on the plan. The federal government offers four main income-driven repayment plans, which allow you to cap your loan payments […]

Talk to Your Employer About Helping You Repay Your Debt

It may seem far-fetched or like a dream come true, but the truth is, most employers want to help you pay off your debt. Employers are becoming increasingly aware that money worries can reduce productivity and increase absenteeism. More than half of the 1,600 full-time employees polled by accounting firm PwC in 2017 reported feeling […]

Creating a Financial Plan for the Future

Money woes are the source of a lot of people’s stress. Creating a plan for your money can help alleviate a lot of that stress and provide you with a secure future. You may be thinking I don’t have time for that right now, I’m just trying to keep my head above water, but there’s […]

Loan Forgiveness — Do You Qualify?

Do you ever look at your student loan debt and think, “I wish I could make this disappear.” Well you may be able to if you qualify for loan forgiveness. This is no magic solution and there are a lot of caveats but we can help you find out if you’re eligible. First off, what […]

Why Hiring A Financial Planner Can Save You Money and Time in The Long Run

What Is A Financial Planner? A financial planner, also known as a financial consultant, advisor, or analyst, are qualified investment professionals who help individuals or corporations meet their long-term financial objectives. These advisors use their knowledge and expertise to construct personalized financial plans that may include a suggested investment portfolio, savings, a customized budget, insurance […]

5 Tax Filing Myths

Tax season is here again and with it comes a whole host of false information floating around on the internet. Not all of us are tax experts so it’s easy to believe tax myths when you hear them. Next Step Financial knows our way around taxes and we want to make sure you’re prepared, so […]

How to File Taxes: Tax Preparation Made Easy

When deciding to do your taxes you need to make a lot of decisions.The first decision you need to make is whether to file taxes yourself or use a tax preparer to help you. There are a variety of online tax preparation services to choose from as well as in-person tax preparers in your area, […]

Are You Managing Cash Flow?

What is Cash Flow? Cash flow is the total amount of money being transferred into and out of a household. It refers explicitly to liquidity. The main thing to keep in mind, though, is that cash flow is not the same as income. As businessman and personal finance author Robert Kiyosaki says, “Making more money […]