Tax Warrior Chronicles

Federal Student Loans and Taxes – A Primer

Posted on Mon, May 24, 2021

By: Steve R. Rossman, CPA, MT

 

The recent spotlight on student loans has been intense. Every consideration from suspending payments to outright forgiveness is being discussed in the halls of Congress and the White House. This topic is widely impactful as a recent Forbes article sites current student loan debt in the Unites States tops a record $1.7 trillion amongst 45 million borrowers. So, what is the law today for how loans are handled in the wake of COVID-19, and what might the tax and financial landscape look like if loans are forgiven? Today, we offer a primer on this very question and its possible outcomes.

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A Tax Guide for Students with Summer Jobs

Posted on Mon, Jul 13, 2015

School is out for the summer and students everywhere are looking to land a summer job. If it’s your first job it gives you a chance to learn about work and paying taxes. The tax you pay supports your home town, your state and our nation. We know that sounds patriotic and responsible, but let’s face it, all it really means is you take home less than what you make, and that stinks. 

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