Forbes’ Post

💼 Educators, "What Could a Second Trump Term Mean for Your Finances?" The Wall Street Journal laid out what Trump’s second term could mean for our financial landscape. Here’s a quick breakdown on what’s at stake: 📉 Extended Tax Cuts? The 2017 tax cuts could stick around, with higher standard deductions and lower income-tax rates—good news for anyone looking to keep more of their paycheck! 🎓 Student Loans in Flux: Those SAVE plan benefits from the Biden administration might not get much backup, and loan relief could change direction. Congress may be pushed to find a new approach, meaning a re-evaluation of relief options for grads and teachers with student debt. 💳 Credit Card Fees? The $8 cap on late fees could be up for debate, with a shift toward policies more favorable to financial institutions. Keep an eye on those fee policies if you’re using credit. 👶 Boosted Child Tax Credit? An increase in the child tax credit from $2K up to $4K could be on the table—especially with support from folks like Senator JD Vance! So if you're wondering how your paycheck, loans, and even the classroom could be impacted, this is the season to tune in! 🎧 #Teachers #FinancialPlanning #Election2024 #TaxPlanning #StudentLoans

October isn't just for costumes and candy! For the taxpayers who filed for an extension earlier this year, the deadline is coming up fast.⏳ 🗓️ October 15th is the absolute final day to file your 2023 tax returns. If you miss it, you could face penalties and interest on any unpaid taxes. Don't let procrastination spook your finances—our team at Performance Tax Group is here to help you beat the deadline! But that's not all this month: 📚 Student Loan Payments Return: With student loan repayments back on track, don't forget to claim your student loan interest deduction—up to $2,500 annually. It's an easy way to save without itemizing your deductions. 💡 2025 Tax Planning: October marks the last quarter of 2024, a perfect time to plan ahead. Let's reduce your tax liability before the year's up. The clock's ticking, but we've got your back. Performance Tax Group can make sure you file on time and plan to work smarter, not harder, for next year. Just schedule a consultation with us today at https://lnkd.in/gucpV5X2, and let's get started!

Do you qualify for these student loan tax breaks? Read our blog to find out! We've wrapped up the latest Minnesota tax updates and summarized them here:

Hey Students! Ready to Get Tax Savvy? 💡🎓 Living in a digital world means you’re already tech-savvy, but how about your tax game? Here’s why being tax savvy pays off: ✅ You could get or continue receiving credits like GST/HST and provincial benefits. ✅ Claim valuable tax credits like tuition and even interest paid on student loans. ✅ Who doesn’t love a refund? Filing gets your money back where it belongs—your pocket! Filing your income tax and benefit return might feel overwhelming, but trust us—it’s worth it! 💰 #TaxSavvy #CRARelief #MakeYourMoneyCount #TuitionTaxCredit

When it comes to teacher taxes, the most important thing to know is that teachers are eligible for several deductions and credits. These can include deductions for classroom supplies, professional development expenses, and even student loan interest. It's always best to discuss your specific tax situation with a qualified tax professional, such as DLP Legacy Taxes Pro. Book an appointment today! https://lnkd.in/gWB-eFqY #Dlplegacytaxes #educators

Married Filing Jointly Vs. Separately The most appropriate time for tax planning is while one is well ahead of the tax season. Couples have to finally decide as to what is better, to file tax return jointly or separately. Filing a joint return lets couples deduct larger standard deduction besides they also qualify for certain tax Credits. Whereas, couples who file separately get fewer tax benefits thus with separate tax returns you may end up in paying more tax. Whereas, if you add up the two separately filed standard deduction, it equals the joint filing amount, there is an advantage in cases where one spouse makes all or most of the family income. Further, separate filers get a smaller IRA contribution deduction as well as cannot claim student loan interest deduction. However, in some situations, separate filing is advisable, particularly if you or your spouse had a large amount of out-of-pocket medical bills or your student loan repayment plan is determined by the income on your tax return. It is pertinent to note that IRS requires uniformity for both spouses that can influence the amount of deductions each spouse can claim. What is better, to file jointly or separately?   DM me to find out for more information on how tax filing status affects certain potential tax benefits you could claim.

So, you finally received your tax refund, but the amount was significantly less than what you were expecting. Here's what might have happened: 1. Offset for Debts. The IRS may have used your refund to cover past-due taxes, child support, student loans, or debts owed to federal or state agencies. 2. Changes to Your Return. If the IRS made adjustments to your tax return, your refund amount may have changed. You'll receive a notice explaining any modifications. If you have questions about offsets or changes to your refund, contact the IRS. For updates on your refund status, check Where's My Refund? on irs.gov. #TaxFAQ #TaxRefund #RefundIssues"

It's time to clear up some misconceptions about taxes. 🔍 Fact: You can lower the amount of taxes you owe by deducting certain expenses, such as student loan interest or education-related costs. 🚫 Myth: Only high earners need to file taxes. In reality, students or low-income individuals may need to file if they worked or received scholarships.

So, you finally received your tax refund, but the amount was significantly less than what you were expecting. Here's what might have happened: 1. Offset for Debts. The IRS may have used your refund to cover past-due taxes, child support, student loans, or other debts owed to federal or state agencies. 2. Changes to Your Return. If the IRS made adjustments to your tax return, your refund amount may have changed. You'll receive a notice explaining any modifications. If you have questions about offsets or changes to your refund, contact the IRS. For updates on your refund status, check Where's My Refund? on irs.gov. #TaxFAQ #TaxRefund #RefundIssues

So, you finally received your tax refund, but the amount was significantly less than what you were expecting. Here's what might have happened: 1. Offset for Debts. The IRS may have used your refund to cover past-due taxes, child support, student loans, or debts owed to federal or state agencies. 2. Changes to Your Return. If the IRS made adjustments to your tax return, your refund amount may have changed. You'll receive a notice explaining any modifications. If you have questions about offsets or changes to your refund, contact the IRS. For updates on your refund status, check Where's My Refund? on irs.gov. #TaxFAQ #TaxRefund #RefundIssues"