Money Monday

What goes into your credit score?

credit scoreAs a follow-up to last month’s Money Monday post about credit card myths, we will focus on the topic of credit scores. We last discussed this back in 2013 so it is time for a re-visit! Last month, we mentioned that utilization, or your statement balance as a percentage of your total available credit, is one element of your credit score. What are the other elements and why are they important?

3 credit card myths

credit cardLet’s talk about credit cards: the good, the bad, the not-so-ugly. Most adults have at least one credit card that they use frequently. With the influx of technology in recent years, paper use has decreased; this includes the use of money. People don’t carry or use cash as often. A credit card is easier to carry, offers rewards or points and (uh oh) allows you to carry a balance. While credit cards are great in that they allow you to build credit history, people often sign up before entirely understanding what they are getting into. Here are some of the MYTHS about credit card use…

How to save for the future while in dental school

piggy banksIt has been awhile since we talked about savings and how to save while incurring large amounts of debt in dental school.  Typically, it is recommended that everyone has an “emergency fund” to cover at least 3-6 months of their fixed costs in case they are unable to work or have an immediate family need.  How can you make this happen while still in dental school? Read on…

How to use dental school costs as business expenses

mac on deskWhen you graduate dental school and begin working, you may incur costs that relate to your practice.  If you use a non-dental accountant to do your tax return(s), it is quite possible that they may not even inquire about certain expenses that you incurred during dental school which can be used to your advantage once you start practicing.  Books, journals and instruments you acquire during dental school are known for tax purposes as a “professional library” and can be expensed as depreciation over several years’ tax returns.  This, in turn, lowers your taxable income, which is a good thing!

How the ACA will impact your taxes this year

taxesBy now, we have all been inundated with stories about the Affordable Care Act and how health care will dramatically change as a result. How does this impact each American financially, though?

Starting this year, when you file your personal tax return, you will need to attest to whether you have health insurance coverage. If you do not have coverage, you will pay a fine. Read on…