Starting January 1, 2024, millions of Americans who benefited from the recent student debt relief program will face a new reality when it comes to their tax returns. The Biden administration’s student debt cancellation initiative, which offered up to $20,000 in relief for eligible borrowers, is set to expire, and with it, the tax implications...

In a move that could significantly impact taxpayers and financial planners alike, the IRS has increased the annual SALT (State and Local Tax) deduction cap from $10,000 to $40,000. This adjustment, effective immediately, allows filers to deduct a much larger amount of their state and local taxes, potentially saving some Americans over $2,000 on their...

The Internal Revenue Service (IRS) has announced the extension of the controversial “No Tips” rule through 2028, capping the amount at a $25,000 annual limit for employees. This policy, initially introduced as a temporary measure during the COVID-19 pandemic, aims to clarify tax obligations related to tips and gratuities for hospitality workers, but it has...

The ongoing federal government shutdown has raised concerns for millions of Americans relying on social support programs, particularly pregnant women and families participating in the Women, Infants, and Children (WIC) program. While WIC is generally designed to provide continuous nutritional assistance, the current impasse in Congress threatens the stability of benefits in several states, especially...

Millions of Americans could face losing their health coverage under Medicaid due to a recent warning from the Congressional Budget Office (CBO). The agency estimates that, amid recent policy shifts and rising medical expenses, over 4 million Medicaid enrollees might be at risk of losing their benefits, primarily because of unpaid emergency room bills exceeding...

The recent legislative decision to cut $185 billion from federal food assistance programs has sparked widespread concern among policymakers, advocates, and recipients. This significant reduction threatens to reshape the landscape of food security across the United States, potentially impacting millions of vulnerable households. For a typical two-person household receiving approximately $546 monthly through the Supplemental...

The Internal Revenue Service (IRS) has announced that the standard deduction for heads of household will increase to $22,500 in 2025, marking a $600 rise from the current amount. This adjustment reflects the IRS’s annual inflation adjustments aimed at easing tax burdens for qualifying taxpayers. The increase, effective for the 2025 tax year, underscores ongoing...

The recent analysis by the Washington Post model indicates that the tax cuts enacted during the Trump administration were not the largest in history. However, the report highlights that many U.S. families could still see significant financial benefits, with an estimated average savings of around $2,200 per child. While the tax reform aimed to stimulate...

The District of Columbia has decided to pause a planned increase in the tipped minimum wage, a move that could significantly impact servers’ earnings. Originally set to rise by $2, the wage increase was projected to boost annual earnings for tipped workers by approximately $4,160, according to industry estimates. However, city officials announced a halt...

As the federal government enters its sixth consecutive day of shutdown, thousands of federal employees continue to face the reality of missed paychecks, with no clear resolution in sight. Among the most vulnerable during this impasse is the WIC (Women, Infants, and Children) nutrition program, which has encountered an estimated $8 billion funding shortfall due...