Student Debt Forgiveness Tax Resumes January 1: $20,000 Relief Disappears Starting January 1, 2024, millions of Americans who received student debt relief through the Biden administration’s loan forgiveness program will face a significant change: the previously announced $20,000 of debt cancellation will no longer be tax-free. The IRS has reaffirmed that forgiven student loan amounts […]

IRS Announces Significant Increase to SALT Deduction Cap, Offering Taxpayers Greater Relief The Internal Revenue Service (IRS) has officially raised the *State and Local Tax (SALT)* deduction cap from $10,000 to $40,000 for the 2023 tax year, a move that could potentially save many Americans thousands of dollars on their federal tax bills. This adjustment, […]

Tax ‘No Tips’ Rule Extends Through 2028 with a $25,000 Annual Cap You Can’t Overlook The IRS has announced that the longstanding “No Tips” rule, which prohibits tipping on certain employer-provided benefits, will remain in effect through 2028. Additionally, a significant cap has been set at $25,000 annually for the value of benefits subject to […]

Will Your $47 Pregnancy Benefit Continue During the WIC State-by-State Shutdown? As discussions of a potential shutdown of the Women, Infants, and Children (WIC) program surface amid political debates, many pregnant individuals and new mothers are left wondering whether their $47 monthly benefit will remain intact. WIC, a vital federal assistance program providing nutrition support, […]

Medicaid Faces Potential Threat as CBO Warns Millions Could Lose Coverage Due to $1,000 Emergency Room Bills The Congressional Budget Office (CBO) has issued a stark warning that nearly millions of Americans enrolled in Medicaid may soon face loss of coverage, driven by the financial burden of unexpected emergency room bills exceeding $1,000. As policymakers […]

Shaky Safety Net: Legislation Cuts $185 Billion from Food Assistance, Raising Concerns About Your $546 Two-Person SNAP Benefit Recent legislative changes have triggered a significant reduction in federal funding for the Supplemental Nutrition Assistance Program (SNAP), commonly known as food stamps, totaling approximately $185 billion over the next decade. For the average two-person household, this […]

IRS Sets 2025 Standard Deduction for Heads of Household at $22,500, Reflecting $600 Increase The Internal Revenue Service (IRS) has announced that the standard deduction for taxpayers filing as heads of household will increase to $22,500 for the 2025 tax year, marking a $600 rise from the previous year. This adjustment, part of annual inflation […]

New Washington Post Model Reveals Trump Tax Cuts Aren’t the Largest, but Families May Save Up to $2,200 Per Child A recent analysis by The Washington Post’s modeling tool indicates that while the tax cuts implemented during the Trump administration did not constitute the largest in U.S. history, they still provided significant financial relief to […]

Washington D.C. Suspends Planned $2 Tipped-Wage Increase, Potentially Costing Servers Thousands Annually Washington D.C. officials have halted the scheduled increase to the city’s tipped minimum wage, a move that could leave servers earning approximately $4,160 less annually than initially projected under the previous plan. The decision, announced last week by the D.C. Department of Employment […]

Sixth Day of Federal Shutdown Leaves Thousands of Workers Unpaid as WIC Assistance Dwindles The ongoing federal government shutdown enters its sixth day, leaving hundreds of thousands of federal employees without pay and causing a significant reduction in vital assistance programs such as the Women, Infants, and Children (WIC) nutrition benefits. As congressional negotiations stall […]