Damircudic | E+ | Getty Images Student loan borrowers who expected smaller monthly payments under the new Saving on a Valuable Education, or SAVE, plan received some bad news on Feb. 18, when a U.S. appeals court blocked the program. As a result, millions of people will need to switch to a new repayment plan […]
How IRS layoffs could impact tax filings and refunds this season
Vithun Khamsong | Moment | Getty Images Thousands of IRS employees are expected to lose their jobs as Elon Musk’s Department of Government Efficiency, or DOGE, continues widespread cuts to federal spending. The move comes roughly three weeks since the opening of tax season and could impact millions of taxpayers who will file before the […]
Treasury sets new deadline for businesses to report ownership information
People take pictures of the US Treasury in Washington, DC, on Feb. 6, 2025. Mandel Ngan | AFP | Getty Images The Treasury Department has set a new deadline of March 21 for millions of businesses to fulfill a new reporting requirement on “beneficial ownership information,” after a court order allowed the federal agency to […]
Amid DOGE cuts, Elon Musk turns focus to Social Security beneficiaries over 100
FILE PHOTO: Elon Musk speaks as his son X ? A-12 and U.S. President Donald Trump listen in the Oval Office of the White House in Washington, D.C., U.S., February 11, 2025. Kevin Lamarque | Reuters As Elon Musk continues to look for ways to cut federal spending through the Department of Government Efficiency, he […]
U.S. appeals court blocks Biden SAVE plan for student loans
Former US President Joe Biden speaks about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024. Andrew Caballero-Reynolds | AFP | Getty Images A U.S. appeals court on Tuesday blocked the Biden administration’s student loan relief plan known as SAVE, a move that will likely lead to higher monthly […]
How to know if you’re withholding enough taxes from your paycheck
Prapass Pulsub | Moment | Getty Images If you have a tax bill or bigger than expected refund this season, it may be time to update your paycheck withholding, which can be tricky, experts say. Typically, there’s a refund when you overpay taxes throughout the year, and a tax bill when you don’t pay enough. […]
They fought for Social Security Fairness Act. Now they wait for benefit increases
President Joe Biden after he signed the Social Security Fairness Act at the White House on Jan. 5 in Washington, D.C. Kent Nishimura | Getty Images News | Getty Images The biggest changes to Social Security in years were signed into law on Jan. 5. For more than 3.2 million individuals, that will mean bigger […]
These red flags can trigger an IRS tax audit, experts say
Maria Korneeva | Moment | Getty Images As millions of taxpayers file returns, many worry that certain claims could boost their chances of being picked for an IRS audit. After an infusion of funding, the agency said it aimed to more than double the audit rate for the wealthiest taxpayers. But the IRS’ future priorities are unclear amid changing […]
Americans to spend $14.6 billion on Valentine’s Day, report finds
Sanja Radin | E+ | Getty Images It seems that love is in the air, and so is the spending as more people are apparently getting into the Valentine’s Day spirit this year. Americans shopping for their significant others are expected to spend $14.6 billion this year, according to the latest annual survey by the […]
What shutting down Education Department may mean for students
The Trump administration has already begun carrying out its plans to close parts or all of the Department of Education, which is responsible for underwriting student loans, disbursing college aid and ensuring equal access to education. President Donald Trump campaigned on a pledge to “find and remove the radicals who have infiltrated the federal Department of Education,” and suggested […]