Student loan borrowers may owe state taxes from 2023 Student loan forgiveness has been a hot topic in recent years, with many borrowers calling for relief from their ever-increasing student loan debt. In 2023, some borrowers hit the jackpot when their student loans were forgiven, giving them a chance to start fresh. However, many of…
After founding Amazon in a garage in Seattle back in 1994, Jeff Bezos, one of the world’s wealthiest individuals with an estimated net worth of $160 billion, has recently announced his decision to leave the Pacific Northwest and settle in sunny Florida. Bezos revealed his motive in an Instagram post, stating that he wants to…
The IRS recently made headlines with its announcement of a significant tax enforcement initiative aimed at high-income earners, partnerships, and individuals with foreign bank accounts. The goal of this initiative is to “restore fairness to the tax system” by targeting wealthy taxpayers who have experienced a sharp decline in audit rates over the past decade….
In a recent development, the House Ways and Means Committee has passed a bill that has the potential to significantly impact your standard deduction, potentially providing you with substantial tax savings. The Tax Cuts for Working Families Act, also known as H.R.3936, proposes to temporarily expand the standard tax deduction for most taxpayers in the…
In a move aimed at keeping up with soaring inflation, the Internal Revenue Service (IRS) has recently unveiled higher federal tax brackets and standard deductions for the year 2023. These new tax brackets, applicable to tax year 2023 and returns filed in 2024, come as a response to the changing economic landscape. In this comprehensive…