Student Debt Forgiveness Expiration: Tax on Cancelled Balances Resumes January 1, Eliminating $20,000 Relief Starting January 1, 2024, millions of borrowers who received student debt forgiveness will face a significant change: the IRS will once again consider canceled debt as taxable income. This shift effectively cancels the federal government’s previous relief measure that exempted up […]

IRS Raises SALT Deduction Cap from $10,000 to $40,000: What Homeowners and Taxpayers Need to Know The Internal Revenue Service (IRS) announced a significant change to the state and local tax (SALT) deduction cap, increasing it from $10,000 to $40,000 for tax years beginning in 2023. This adjustment, part of broader tax policy updates, offers […]

Tax ‘No Tips’ Rule Extends Through 2028 with a $25,000 Annual Cap You Must Know The IRS has announced the extension of a critical tax provision that affects millions of restaurant and hospitality workers across the United States. The so-called *‘No Tips’ rule*, which limits the amount of tip income that can be excluded from […]

WIC Benefits by State: Will Your $47 Pregnancy Support Continue During the Shutdown? The impending government shutdown has sparked concern among millions of families relying on the Women, Infants, and Children (WIC) program, which provides vital nutritional assistance, including an average of $47 per month for pregnant women. As federal agencies prepare for potential funding […]

Medicaid at Risk: CBO Warns Millions Could Lose Coverage Over Potential $1,000 Emergency Room Bills Amid ongoing debates over healthcare policies, a recent report from the Congressional Budget Office (CBO) highlights a looming threat to millions of Medicaid recipients. The agency warns that an increase in out-of-pocket expenses—specifically, emergency room bills reaching approximately $1,000—could result […]

Shaky Safety Net: Bill Cuts $185 Billion from Food Assistance—How Will Your $546 Two-Person SNAP Be Affected? Recent federal legislation has introduced substantial cuts to the Supplemental Nutrition Assistance Program (SNAP), amounting to roughly $185 billion over the next decade. These reductions threaten to reshape the landscape of food security for millions of Americans, particularly […]

IRS Announces Increased Standard Deduction for Heads of Household in 2025, Rising by $600 to $22,500 The Internal Revenue Service (IRS) revealed its updated tax figures for the 2025 tax year, including a notable increase in the standard deduction for taxpayers filing as heads of household. Effective for the 2025 tax season, the deduction will […]

New Washington Post Analysis Reveals Modest Tax Cuts, but Significant Child Tax Benefits for Families A recent analysis by The Washington Post highlights that while the latest tax legislation introduced by the Biden administration does not constitute the largest tax cuts in recent U.S. history, it could still provide substantial financial relief to families—offering savings […]

D.C. Delays $2 Tr tipped-wage Increase, Potentially Costing Servers $4,160 Annually Compared to Original Plan Washington D.C.’s decision to postpone a planned increase in the tipped minimum wage has sparked concern among restaurant workers and industry advocates. Originally scheduled to raise the hourly tipped wage from $5.35 to $12.50 over the next several years, the […]

Day 6 of Federal Shutdown Leaves Employees Unpaid and Food Assistance at Risk As the partial federal government shutdown enters its sixth day, thousands of federal employees are navigating unpaid leave amid ongoing budget disputes. Meanwhile, critical social programs, including the Women, Infants, and Children (WIC) assistance program, face significant funding cuts that threaten to […]