In 2024, many borrowers celebrated significant relief as the Biden administration continued its student loan forgiveness initiatives. With approximately 4.9 million individuals receiving nearly $180 billion in federal student loan cancellations under President Joe Biden, the landscape of higher education debt is drastically changing. As we dive into the implications of these developments, many borrowers
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The affordability of prescription drugs has become a pressing concern for many Americans, particularly for seniors relying on Medicare Part D. A recent report by AARP unveils a sobering trend: list prices for the top 25 prescription drugs available under Medicare Part D have surged nearly 100% since their market debut. This staggering increase not
The cryptocurrency market has made headlines repeatedly, and the year 2024 marked a significant surge in Bitcoin’s value, capturing the attention of many investors. However, while the allure of high returns can be tempting, a prudent approach is necessary. This article delves into the considerations investors should heed before diving into cryptocurrency investments, with a
As the 2025 tax filing season approaches, taxpayers need to be aware of essential dates and deadlines. The Internal Revenue Service (IRS) announced that the filing window will officially commence on January 27. This is the date when the agency will start accepting and processing tax returns for the financial year 2024. For the majority
The beginning of a new year often serves as a catalyst for change, with the popular tradition of New Year’s resolutions taking center stage. Among the myriad of aspirations for self-improvement, the commitment to abstain from alcohol for the month of January—commonly known as Dry January—has seen a notable rise in popularity. A recent study
The recent enactment of the Social Security Fairness Act represents a significant legislative shift impacting nearly 3 million individuals reliant on Social Security benefits. Signed into law by President Joe Biden, this act aims to rectify previous inequities in benefit distributions, particularly for those drawing pensions from public-sector jobs like education, law enforcement, and firefighting.
As we approach the end of the tax year, many individuals may overlook an essential requirement: the fourth-quarter estimated tax payment, due on January 15, 2024. Failing to meet this deadline could result in a world of financial trouble, as the Internal Revenue Service (IRS) warns against unexpected penalties and fees. These penalties can be
As Americans step into 2025, an unsettling trend emerges regarding credit card debt that raises critical questions about financial health and wellbeing. A recent report from Bankrate indicates that nearly half of all credit card users—48%—are now carrying debt that extends beyond the month, representing a notable increase from 44% at the beginning of 2024.
With the revival of federal student loan payments in late 2023, borrowers are beginning to realize the impact on their financial situation, particularly concerning their tax obligations for the upcoming year. The student loan interest deduction allows eligible taxpayers to deduct up to $2,500 annually from the interest paid on their student loans, which can
As we step into 2025, many employees might notice a slight increase in their take-home pay due to adjustments in the federal tax brackets established by the IRS. While this could seem like a boon for taxpayers, a deeper analysis reveals that the overall economic context may alter its significance. In October 2024, the IRS