Yesterday marked the end of the public comment period on the revised Free Application for Federal Student Aid. The form is traditionally available Oct 1st but given what the Department of Education called the “most ambitions and significant redesign…in decades” we shouldn’t expect to see it until Dec. One of the main goals of the [...]
As we wrote about in December 2014 the Achieving Better Life Experience (“ABLE”) was signed into law to provide a means for saving and paying for disability-related expenses. While ABLE contributions are not tax deductible distributions are tax-free to the designated beneficiary if used to pay for qualified disability expenses. Examples include: housing health, prevention [...]
What each candidate has in mind for our tax dollars:
Although the SECURE Act (“Setting Every Community Up for Retirement”) was largely focused on retirement rules (e.g. changing RMD age from 70 ½ to 72) several provisions were included that impact an important way many of us save for the education of our children. So-called §529 plans – a tax-deferred and possibly tax-free means of [...]
IRA owners in mandatory distribution status need not take their Required Minimum Distributions for tax year 2020. The waiver is part of last week’s legislative action taken by Congress and signed into law by the President to provide fiscal stimulus during the COVID-19 crisis. Governmental logic (not meant as an oxymoron but…) is that without [...]
The current COVID-19-induced economic and financial shocks aside there are some fascinating trends developing in the United States with equally fascinating socioeconomic implications. OBSERVATIONS People are angry. It isn’t hyperbole to suggest the country has never been more divided at any other point in time but for the issues of slavery and states’ rights in [...]
Now that the noise has died down (a bit) we've opted to say a few words.
Americans love sports. Why? The reasons are seemingly endless. A popular feature is certainty. At the end of the game there’s a clear winner and loser. Along with certainty comes fairness. We want what’s “right.” What else explains instant replay? Americans loves politics. Why? The reasons are seemingly endless. A popular feature is certainty. At [...]
On Wednesday the Internal Revenue Service announced tax year 2020 annual inflation adjustments. Impacts are negligible as if often the case. A detailed description of all adjustments is available in Revenue Procedure 2019-44. Those impacting the majority of taxpayers include: The standard deduction for taxpayers filing MFJ increases from $24,400 (tax year 2019) to $24,800. [...]
Yesterday kicked off the first of the Democratic debates. How many are seeking the nomination? Might be better to ask who isn’t. Lots of folks on that stage last night. Anyway...a major plank in the platform is student loan forgiveness. Presumed frontrunners Elizabeth Warren and Bernie Sanders are pledging to forgive 75% and 100% respectively. [...]