News you can use
Biden’s plan on increased funding for the IRS
The IRS has been struggling with the volume and complexity of the issues they are dealing with. They have lost more than 33k employees in a period of ten years (2010-2020). Due to the reduced number of employees, audits have been significantly reduced. Biden’s proposal to increase IRS funding is aimed to spark more audits and many small businesses making over $400,000 should feel like they have a target on their backs. My advice is to keep your financial records clean with support readily available and DO NOT commingle personal funds with business funds and vice versa.
Update on student loan reform
The Biden administration has been moving forward with student loan reform. The regulatory process will not involve Congress which could ease the path to significant changes. There will be certain requirements that individuals will need to satisfy in order to qualify for a complete or partial forgiveness process. Part of his proposed plan would require borrowers to pay up to 5% of their discretionary income towards their student loans rather than the current 10-20% required under the existing program. The regulatory review process is not quick, but the first step for public hearings is set to begin next month. For more details click on the link below.
2020 Tax Returns for Biden & Harris have been released
As the White House tradition holds, President Joe Biden and Vice President Kamala Harris had to release their most recent tax returns. The president and first lady reported $607,336 in adjusted gross income and paid $157,414 (effective tax rate of 25.9%) in federal taxes, while the vice president and second gentlemen reported an adjusted gross income of $1,695,225 and paid $621,893 in federal taxes (effective tax rate of 36.7%). For some more interesting facts related to their personal tax returns please click on the link below.
Dragana's World
Happy Anniversary!
It has been a full nine years that I have been married to my best friend, Douglas. Douglas and I met in college in 2007 and started dating in the Spring of 2009. We got married in my hometown; Busovaca, Bosnia, and Herzegovina on May 26, 2012. Our wedding was a traditional Bosnian/Croatian wedding that started Saturday at 10 am and did not end until 5 am on Sunday. Douglas’ closest family came, enjoyed it, and danced till 5 am like there was no language barrier and we all were one family. Here is just one of our wedding pictures