On August 24th, President Joe Biden unveiled his three-part plan to reduce student loan debt, which includes extending the pandemic-related payment moratorium, student loan forgiveness, and a new income-based repayment plan. Student Loan Forgiveness In order to facilitate the transition back to repayment and support borrowers who are most at risk of delinquencies or default…
The third stimulus payment was an advance payment of the 2021 Recovery Rebate Credit. If you did not receive a third stimulus payment check or an amount less than you were eligible for, you could claim the Recovery Rebate Credit on your 2021 tax return. Since March 2021, more than 175 million third economic stimulus…
IRS expects taxes to be paid on income as it is earned, referred to as the pay-as-you-go system. Therefore, individuals with income that isn’t subject to withholding taxes make estimated tax payments to the Internal Revenue Service (IRS) every quarter. Self-Employed individuals and small business owners must plan, estimate, and pay taxes quarterly to the…
On September 13th, the House Ways And Means Committee approved tax provisions that will be part of the Build Back Better Act which may be effective as of January 1, 2022. The proposed legislation scales back on key tax proposals set forth in Biden’s American Families Plan. Although there is uncertainty about which proposals will…