Do I qualify for student loan forgiveness? By: Margaret Nickens In August, President Joe Biden announced a plan to forgive federal student loan debt and introduce a new income-driven repayment plan. He also extended the student loan payment pause through December 31, 2022. With these changes, you may be wondering whether or not your [...]
What does the interest rate increase mean for you? By: Stacey Nickens This past St. Patrick's Day, your pot of gold may have felt a bit emptier than usual. Between the higher cost of living and market volatility, your savings might be taking a hit. The Fed does recognize these inflationary concerns, and during [...]
Many Medical Debts Will Be Removed from Credit Reports By: Stacey Nickens If medical debt is impacting your credit score and report, you may benefit from some upcoming changes to consumer credit reports. Beginning this summer, Equifax, Experian, and TransUnion will be making significant changes to the ways medical debt is reported on credit [...]
Locking In a Low Mortgage Interest Rate By: Stacey Nickens Mortgage interest rates have remained low for the past few years, benefitting homebuyers looking for affordable monthly payments. However, the Fed raised the benchmark federal funds rate at the end of their March meeting, and this decision will likely raise mortgage rates. As of [...]
9"Above-the-Line" Deductions for Your 2021 Return By: Stacey Nickens Taxpayers often ask me about deducting mortgage interest payments or medical expenses. However, many taxpayers do not claim these popular deductions because it is more beneficial for them to take the standard deduction. On 2021 returns, the standard deduction is $12,550 for single filers and [...]
3 Ways to Take Advantage of the Federal Student Loan Pause By: Stacey Nickens At the beginning of August, the Department of Education announced that they will be extending the pause on federal student loan payments. The moratorium was set to end on September 30, 2021, and will now continue through January 31, 2022. [...]
4 Above-the-Line Deductions for Taxpayers Who Don't Itemize By: Stacey Nickens The 2017 tax reform legislation increased the standard deduction, such that few taxpayers itemize their deductions. In 2020, the standard deduction is $12,400 for single filers and $24,800 for joint filers. Few taxpayers will accumulate enough individual deductions to exceed the standard deduction [...]
Tax & Funding Provisions in the Proposed Stimulus Package By: Stacey Nickens The House is expected to pass a $1.9 trillion coronavirus relief package today, after which the legislation will head to the Senate for approval. Beyond providing additional stimulus, the package includes an increase in the child tax credit, additional funding for small [...]
Alert: Extension on Federal Student Loan Payment Relief By: Stacey Nickens If you're responsible for a federal student loan payment, you may take a sigh of relief at the following news. The CARES Act halted federal student loan payments, and a recent executive memorandum extended this relief until December 31, 2020. According to this memorandum, [...]
Four Things to Consider Before Refinancing Your Home By: Stacey Nickens With interest rates near zero, many home owners are considering refinancing. Refinancing applications in the second week of March jumped to 79%. This is the largest weekly increase since November 2008. As more people choose to refinance, the Mortgage Bankers Association increased its 2020 [...]
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