Student Debt Relief Ends January 1, Resumption of Tax on Forgiven Balances Eliminates $20,000 Relief Beginning January 1, 2024, a significant change takes effect for millions of student loan borrowers as the federal government terminates the temporary debt relief program that previously forgave up to $20,000 of student debt per borrower. This pause on repayment […]

IRS Increases SALT Deduction Limit from $10,000 to $40,000, Offering Significant Tax Relief The Internal Revenue Service (IRS) announced a notable expansion of the State and Local Tax (SALT) deduction cap, raising it from $10,000 to $40,000 for individual filers and married couples filing jointly. This change, effective immediately, could provide substantial tax savings—potentially over […]

Tax ‘No Tips’ Rule Extended Through 2028 with a $25,000 Annual Cap You Can’t Overlook The federal government has confirmed the extension of the controversial “No Tips” rule through 2028, a policy that significantly impacts service industry workers and restaurant owners alike. Under this regulation, tips received by employees are excluded from taxable income up […]

Will Your $47 Pregnancy Benefit Continue During the Shutdown? State-by-State Update As federal government shutdown talks intensify, expectant mothers receiving the $47 pregnancy benefit—a vital support for low-income families—to face potential disruptions. This benefit, part of broader assistance programs, is crucial for covering prenatal expenses, ensuring maternal health, and supporting early childcare needs. However, during […]

Medicaid at Risk: CBO Warns Millions Could Lose Coverage Over $1,000 Emergency Room Bills Millions of Americans enrolled in Medicaid may face losing their health coverage due to recent federal budget projections warning of widespread financial hardship stemming from unexpected emergency room bills exceeding $1,000. The Congressional Budget Office (CBO) has highlighted that ongoing economic […]

Shaking the Safety Net: Legislation Cuts $185 Billion in Food Assistance—Implications for Your $546 Two-Person SNAP Benefits A recent legislative shift has resulted in a substantial reduction of approximately $185 billion in federal food assistance funding over the coming decade, raising concerns about its impact on millions of Americans relying on the Supplemental Nutrition Assistance […]

IRS Announces $22,500 Standard Deduction for Heads of Household in 2025, Up by $600 The Internal Revenue Service (IRS) has officially increased the standard deduction for heads of household taxpayers for the 2025 tax year to $22,500. This marks a $600 rise from the previous year’s deduction of $21,900, reflecting inflation adjustments and economic factors […]

New Washington Post Model Reveals Trump Tax Cut Not the Largest, but Families Can Save Up to $2,200 Per Child A recent analysis by The Washington Post has shed light on the impact of former President Donald Trump’s tax cuts, revealing that while the legislation did not deliver the largest overall tax savings in recent […]

Washington, D.C. suspends planned $2 tip-wage increase, potentially reducing annual earnings for servers by over $4,000 Washington, D.C. has paused a scheduled increase to its minimum tipped wage, a move that could significantly impact thousands of restaurant workers across the city. Originally set to rise by $2 over the next year, the increase was halted […]

Ongoing Federal Shutdown Marks Sixth Day as Thousands of Employees Go Without Pay and Critical Assistance Programs Face Funding Cuts As the federal government enters its sixth day of shutdown, thousands of federal employees remain without paychecks, facing mounting financial uncertainty. Meanwhile, essential programs such as the Women, Infants, and Children (WIC) nutrition assistance are […]