News you can use
Student Loan payments have been deferred
On January 20, 2021, the COVID-19 emergency relief measures were extended on ED owned federal student loans through September 30, 2021. Federal Student Aid provides temporary relied on ED-owned federal student loans; suspension of loan payments, stopped collection of defaulted loans, and 0% interest rate. For more information if your student loan qualifies and all other questions regarding postponing of the student loan payments click on the link below.
Reminders before filing 2020 tax return
Choose Direct Deposit - The Safest, most accurate and fastest way to get refund is to electronically file and chose direct deposit. Also, if there is another round of stimulus payment the government will have your information available right then and you will receive money faster than you would any other way.
Unemployment Income is Taxable - Millions of Americans received unemployment compensation in 2020, many for the first time. The compensation is taxable and must be included as gross income on your tax return.
Home office deduction - The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. Employees who receive paycheck or a W-2 from an employer are not eligible for this deduction.
Earned Income Credit - EITC can give qualifying workers with low to moderate income a substantial financial boost ($538 to $6,660). EITC not only reduces the amount of tax someone owes but may give a refund even if individual does not owe any taxes.
Charitable donation deduction for people who do not itemize - Individuals who take standard deduction generally cannot claim a deduction for their charitable contributions. However, the CARES Act permits these individuals to claim a limited deduction on their 2020 federal income tax return for cash contributions to certain qualifying organizations of up to $300.
Casualty Losses - Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. In 2020 we had a several hurricanes that affected Louisiana and some of you may qualify for casualty loss deduction.
Dragana's World
Who moved my Cheese?
The first book that I have read in English whenever I moved to United States in 2007 was Who Moved my Cheese. This book is so thin and simple to read but so powerful. Who moved my cheese is a fable about four characters who live in a maze and they all love cheese. When the cheese disappears, Scurry and Sniff enthusiastically head out into the maze to find new cheese. On the other hand Hem and Hall feel betrayed and complain.
This book shows us through a simple example of how life changes and how in order to succeed we have to be willing to change and move on. I strongly encourage all of you to read this book. This book gave me a different perspective on life and desire to make the best of my life even being far from my family, language, and country I grew up in.