Student Debt Forgiveness Tax Reinstates January 1: The $20,000 Relief Disappears Federal student debt relief programs that offered up to $20,000 in forgiveness for eligible borrowers are set to expire as the IRS reintroduces tax obligations on canceled student loans starting January 1. Despite widespread anticipation that debt cancellations would be tax-free, new guidance confirms […]

IRS Raises SALT Deduction Cap from $10,000 to $40,000: Potential Savings Could Exceed $2,000 for Many Taxpayers The Internal Revenue Service (IRS) announced a significant increase to the State and Local Tax (SALT) deduction cap, raising it from $10,000 to $40,000 for tax years beginning in 2023 and beyond. This change aims to provide relief […]

Tax ‘No Tips’ Rule Extended Through 2028 with a $25,000 Annual Cap You Can’t Overlook The IRS has officially extended the controversial “no tips” tax rule through 2028, establishing a clear cap of $25,000 in annual tips that employees can report without facing additional scrutiny. This policy, first introduced as a temporary measure, aims to […]

Will Your $47 Pregnancy Benefit Continue Amid Government Shutdown? A State-by-State Update As the federal government faces ongoing budget negotiations, uncertainty looms over the continuation of critical support programs, including the Women, Infants, and Children (WIC) benefit that provides approximately $47 per month to pregnant women. This assistance, vital for ensuring proper nutrition during pregnancy, […]

Medicaid Faces Potential Crisis as CBO Warns Millions Could Lose Coverage Over $1,000 Emergency Room Bills Recent analysis from the Congressional Budget Office (CBO) has raised alarms about the stability of Medicaid coverage amid growing concerns that millions of Americans could lose access due to unpaid emergency room bills exceeding $1,000. The report highlights the […]

Shaky Safety Net: Bill Cuts $185 Billion from Food Assistance—Impact on Your $546 Two-Person SNAP Benefits A recent legislative proposal aims to trim nearly $185 billion from the federal food assistance program, a move that could significantly reshape benefits for millions of Americans. The bill’s passage would modify eligibility criteria, reduce benefit amounts, and potentially […]

IRS Announces $22,500 Standard Deduction for Heads of Household in 2025, Up by $600 The Internal Revenue Service (IRS) has released its annual update to tax figures for the 2025 tax year, confirming that the standard deduction for heads of household will increase to $22,500. This adjustment marks a $600 rise from the previous year’s […]

New Washington Post Model Reveals Trump Tax Cut Was Not the Largest, but Families Could Still Save Up to $2,200 Per Child A recent analysis by The Washington Post’s modeling team sheds new light on the impact of the Trump-era tax reforms, indicating that while the tax cuts were not the most substantial in history, […]

District of Columbia officials have decided to postpone a scheduled increase in the tipped minimum wage, a move that could reduce annual earnings for servers by approximately $4,160 compared to the original plan. The delay, announced during a recent city council session, affects a phased increase intended to raise the tipped wage from its current […]

Shutdown Extends Into Day 6, Leaving Federal Employees Without Pay and Facing Cuts to Critical Programs The partial government shutdown has entered its sixth day, leaving hundreds of thousands of federal employees without pay and triggering significant reductions in essential services. With no resolution in sight, thousands of workers are navigating financial uncertainty as agencies […]