During the pandemic, students who had government student loans did not need to make any loan repayments. The interest was also stopped from accumulating, beginning Mar. 13, 2020. At the same time, borrowers were able to deduct interest paid on their loans up to $2,500 per year from their taxes. Last year, President Joe Biden…
Looking for a Student Loan Interest Deduction? You May Still Qualify
February 15, 2023
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The Coordinated Attack on Your Money
Like many governments around the world, the Biden administration seems determined to limit Americans’ monetary freedom by taxing it away, and by manipulating and controlling how they store and spend their money. Here are a few examples of how this is happening. Let’s start with the most obvious, which is the loss in purchasing power…
How Much Retirement Income Can I Make Without Paying Taxes?
Paying taxes was something you did most of your life. Now that you are getting closer to retirement, you dream of a time when taxes are no longer something you have to pay. Besides, you want to keep as much of your retirement savings and Social Security in your pocket as you can. Although it…
EXCLUSIVE: Rep. Chip Roy to Roll Out Bill Aimed at Cutting Manufacturing Reliance on China
February 9, 2023
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A group of Republicans led by Rep. Chip Roy (R-Texas) is set to introduce a bill aimed at bringing manufacturing back to the United States and restoring economic independence from China. Despite rising political tensions between the world’s top two economic powers, U.S. trade with China has steadily grown, setting a new record last year….
A Closer Look at the Fair Tax Act
February 9, 2023
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The Fair Tax Act of 2023 is not a new idea. It was first proposed to the House of Representatives in 1999. Since then, it has been brought up again before Congress several times—this time by the Republicans in January 2023. The main idea behind the Fair Tax Act, says FairTax, is to eliminate the…
IRS Proposes New Program for Reporting Tips Across Service Industry
February 7, 2023
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The Internal Revenue Service (IRS) on Feb. 6 issued proposed guidance for a voluntary tip-reporting program between the agency and employers across an array of service industries. Notice 2023-13 contains a proposed revenue procedure that would establish the “Service Industry Tip Compliance Agreement” (SITCA) program, which the IRS says would serve as the sole tip-reporting compliance program between…
LIVE NOW: NTD News Today (Feb. 6): Chinese Spy Balloon: Senate Briefing Scheduled; House Not Likely to Approve Global Tax Deal
Underwater searches are underway to recover the remains of the Chinese spy balloon that was shot down over the weekend. A full-senate classified briefing has been scheduled for Feb. 15. The Republican-controlled House is fighting an international tax agreement. The deal would let other countries tax U.S.-based profits. The university of Florida might have more…
Ask Kip: Factors That Increase Your Chance of an Audit
By Joy Taylor From Kiplinger’s Personal Finance Question: With the Internal Revenue Service (IRS) getting billions added to its budget, does that mean the chance of being audited rises substantially? Answer: Most of the enforcement effects from the IRS’ $80 billion windfall won’t be felt by taxpayers for at least a couple of years. And…
Meal and Entertainment Deductions—What You Should Know
Meals and entertainment have long been used as marketing tools by both big and small businesses. For many, they’re a legitimate business expense. But the Internal Revenue Service rules regarding deducting these expenses have changed over the decades. It’s essential to know the current rules for the tax year 2022. This lets you take the…
Changes to the Child Tax Credit—What This Means to Families
Families might see their tax bill increase for 2022. Changes in the Child Tax Credit will affect all income levels. First enacted in 1997, the Child Tax Credit has helped American families weather the cost of raising children. The amount has been changed several times. But this time, it’s going down. What is the new…
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