The U.S. Department of Education has officially launched a website accepting applications for student loan forgiveness.
Under the program, those with federally guaranteed student loans can have up to $20,000 of their eligible student loan debts forgiven, depending upon certain qualifying factors. Those who had also received Pell Grants, which are for lower-income students, can have up to $20,000 forgiven, while non-Pell Grant recipients can have up to $10,000 in debts forgiven.
READ MOREGig economy companies classifying their workers as independent contractors continue to face lawsuits, state action, and federal agency enforcement.
For much of the last decade, a legal and regulatory storm at the state and federal level has surrounded classification of workers as “independent contractors” or “employees.” The dramatic growth of the gig economy, especially app-based service such as Uber, Lyft, Door Dash, Instacart, etc. has contributed to the upheaval. Uber and Lyft have faced lawsuits across the country contending they misclassified their drivers as independent contractors rather than employees in violation of the Fair Labor Standards Act (FLSA) and similar, state wage and hour laws.
READ MOREThe Internal Revenue Service (IRS) updated its actuarial tables that dictate how much a person is required to withdraw from his or her retirement accounts starting at age 72. This is the first time since 2002. The new tables project longer lifespans. This could be good news for individuals that want to stretch their retirement earnings into the future.
READ MOREYou can use a recent Tax Court case ruling to help protect you against the Internal Revenue Service questioning your vehicle expenses. Gonzalez, TC Summary Opinion 2022-13, 7/18/22 ruled that you can deduct vehicle expenses related to a side-gig, as long as you follow strict rules.
Generally, expenses relating to use of a car, van, pickup, etc. used for business are deductible. If you drive your own passenger car to visit clients or customers, you may write off the portion of your vehicle’s costs that is attributable to business use, subject to some special limits. If you use your car 80% for business, you can deduct 80% of the costs.
READ MOREWhile few people like the stock market declines we are experiencing. There are some bright spots and opportunities. Should you consider converting a traditional IRA to a Roth during a down market?
Traditional IRAs are pre-tax dollars. While the money grows in the Traditional IRA tax-free; at distribution, you are taxed at your ordinary income tax rates. A Roth IRA invests post-tax dollars. Assuming you meet certain criteria, all Roth IRA distributions are income tax free.
READ MOREThe Internal Revenue Service announced on June 9, 2022 an increase to mileage rates for 2022 taxes. The changes are just for the final six months of 2022 only. Individuals taking advantage of this deduction will need to break out their mileage into the proper time category.
Jan-Jun 2022 | Jul-Dec 2022 | |
---|---|---|
Business | 58.5¢ | 62.5¢ |
Medical | 18¢ | 22¢ |
Charity | 14¢ | 14¢ |
A recent TIAA Institute survey reported that 50% of Americans were unable to answer financial literacy questions properly. While I presume you are not in that group if you are reading this article, here are some highlights to share with your friends.
READ MOREYou may qualify to exclude from capital gains from the sale of your primary residence if you meet these criteria:
A coalition of the 20 top internet service providers in the U.S. plan to join the Affordability Connectivity Program, a government program to offer broadband internet to millions of Americans. Based on qualifying income, the program will reimburse the cost of the service, making it free after the rebate for as much as 40% of the U.S. population, or 48 million homes.
READ MOREThe impacts of COVID and Amazon or other online shopping options and working from home has changed many of our behaviors. But, has online shopping busted your monthly budget?
In a Harris Poll survey on behalf of the American Institute of CPAs, more than 2 in 5 Americans said online shopping makes it harder for them to stick to a monthly budget. They are buying things when they want because it makes them feel good. They are not realizing the cost until they see their monthly statement.
READ MOREPresident Biden said January 19 that he was willing to break up his Build Back Better (BBB) plan into manageable "chunks" to see what could pass now, and return later in the year in hope of passing what remains. He also acknowledged that the enhanced Child Tax Credit, free community college, paid leave, and other BBB provisions would likely have to be jettisoned.
"It's clear to me we'll have to probably break it up," Biden said of the nearly $1.7 trillion bill. "I think we can break the package up, get as much as we can now, come back, and fight for the rest later."
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