March 2015.

If you have a son or daughter planning to attend college next fall, now is the time to file your FAFSA scholarship form. The biggest mistake that people make is they wait to complete the application after they have filed federal tax returns. Instead you should fill out the FAFSA form as early as January 1st.

FAFSA stands for Free Application for Federal Student Aid. This form is used to determine the amount of money a family is expected to contribute to the price of attending a postsecondary institution. The results of the FAFSA are used in determining student grants, work study, and loan amounts.

If you have any questions about the financial aid process in college, please contact Rick Oxford, who is a college funding expert at Richard Oxford Financial, and registered with College Funding Solutions.


rick-oxford-foodAbout

Richard Oxford is a master chef at home and an investment advisor representative with Richard Oxford Financial by day, in Scottsdale, Arizona. You may reach him at rick@richardoxford.com or 602-697-7657.



According to the IRS, many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return.

Here are six important tips about income from self-employment:

  • SE Income.  Self-employment can include income you received for part-time work. This is in addition to income from your regular job.
  • Schedule C or C-EZ.  There are two forms to report self-employment income. You must file aSchedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business, with your Form 1040. You may use Schedule C-EZ if you had expenses less than $5,000 and meet other conditions. See the form instructions to find out if you can use the form.
  • SE Tax.  You may have to pay self-employment tax as well as income tax if you made a profit. Self-employment tax includes Social Security and Medicare taxes. Use Schedule SE, Self-Employment Tax, to figure the tax. If you owe this tax, make sure you file the schedule with your federal tax return.
  • Estimated Tax.  You may need to make estimated tax payments. People typically make these payments on income that is not subject to withholding. You usually pay this tax in four installments for each year. If you do not pay enough tax throughout the year, you may owe apenalty.
  • Allowable Deductions.  You can deduct expenses you paid to run your business that are both ordinary and necessary. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and proper for your trade or business.
  • When to Deduct.  In most cases, you can deduct expenses in the same year you paid for them, or incurred them. However, you must ‘capitalize’ some costs. This means you can deduct part of the cost over a number of years.

Visit the Small Business and Self-Employed Tax Center on IRS.gov for all your federal tax needs. You can also get IRS tax forms on IRS.gov/forms anytime.


rick-oxford-foodAbout

Richard Oxford is a master chef at home and an investment advisor representative with Richard Oxford Financial by day, in Scottsdale, Arizona. You may reach him at rick@richardoxford.com or 602-697-7657.



Tri Tip Steak Recipe

Directions

To make the marinade, mix all of the ingredients except for the beef in a large mixing bowl. Place the trimmed tri-tips in a plastic container and pour the marinade over. Let stand in the refrigerator for at least 6 hours.

Heat grill to medium temperature.

Place tri-tips on grill at a 45 degree angle to establish grill marks and cook about 35 minutes, or until cooked to desired doneness. Remove the tri-tips from the grill and let rest about 2 to 5 minutes before slicing. Serve with your favorite side dishes.

Ingredients

1 cup lemon juice
1 cup soybean oil
1/2 cup white sugar
1/2 cup soy sauce
1/2 cup black pepper
1/2 cup garlic salt (recommended: Lawry’s)
1/2 cup chopped garlic
1/2 cup chopped dried onions
2 (4-pound) tri-tips, trimmed

Total Time: 6 hr 50 min
Prep: 15 min
Inactive: 6 hr
Cook: 35 min
Yield: 6 to 8 servings
Level: Easy


rick-oxford-foodAbout

Richard Oxford is a master chef at home and an investment advisor representative with Richard Oxford Financial by day, in Scottsdale, Arizona. You may reach him at rick@richardoxford.com or 602-697-7657.



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