Those breathing a sigh of relief that their student loan debt is now in line with their income may want to re-evaluate the guidelines that set the income based payment in the first place. There could be a tax time bomb looming, slowly ticking away. And with America’s focus on student loan debt and job security, defusing it is not a big part of the policy discussion in Washington at the moment… but we have been keeping a watchful eye and our projections might shock you…
Should You Have to Pay Taxes on Forgiven Student Loan Debt?
If you’re enrolled in the income-based repayment program, should you have to pay income taxes on the loan balance that the government dismisses?
This potential tax bill is a byproduct of federal efforts, including the newly expanded income-based repayment program, that allow you to limit the monthly payments on most federal loans to … Read More
Don’t you just love golf, except for maybe the adulterous Tiger Woods or the long walks between holes? Well, there is not much that can be done about the Tiger Woods fiasco but as for that walk along the green, you can get government stimulus grants for free golf carts.
The government has put together thousands of different programs that are to benefit the American people, but many people have no idea that these programs exist. And for that reason, much of the money that was earmarked to help the citizens of this great country, gets unused.
But if you are lucky enough to find out about these grants, then you may have a shot at getting some of this cash. For example, the government has first time home buyer grants that can equal upwards of $15,000 in some states. In other states, you can receive upwards of $50,000 for … Read More
The other day, I talked with a left-leaning Bernie Sanders supporter who disliked Clinton and therefore did not vote this time around in the 2016 Presidential Election. He told me we should tax the rich to pay for college for every American, to pay for health care of every American and to give a minimum check to every person who did not have a job. I smiled and said; oh really and he said; “Yah!”
So, I asked him how much did he think all that would cost. He said; “a lot, but if we tax the rich we could pay for it all.” Actually, I explained to him that there were many billionaires but if we took “all of their money” it wouldn’t even run our government for 6-months and then they wouldn’t be rich anymore, they’d be as poor as a family living in the projects, so they … Read More