Inflation rates are now lower than they were a year ago, according to the U.S. Department of Labor (DOL). Consumer inflation expectations are also moving lower. A recent report from the DOL showed that consumer prices rose a seasonally adjusted 0.3% in December from November, resulting in prices being up 3.4% from 2022. Price increases were up 3.1% year over year in November. However, the main difference comes when looking at core prices, which exclude food and energy products that are more unpredictable. Looking at the changes for core prices show that for the first time since May 2021 prices rose less than 4% year over year, with prices rising 3.9% YOY in December. This trend of inflation easing up is likely to continue, especially when considering housing costs for both renters and owners. Rent prices have been cooling, based on new data from sources such as Zillow as well… Read More »
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The Internal Revenue Service (IRS) recently announced that its Free File guided software service is ready for taxpayers to use ahead of this year’s tax season. This will allow millions of taxpayers to file using free technology. Offered through a partnership between the IRS and Free File, Inc., IRS Free File is one of many options available for taxpayers for filing their returns online or in person. Eight partner organizations are available to help taxpayers with an adjusted gross income (AGI) in 2023 of $79,000 or less with their filing. Those with an AGI over $79,000 can use the IRS’s Free File Fillable Forms (FFFF), the electronic version of IRS paper forms, beginning January 29. IRS Free File providers will accept completed tax returns and hold them until they can be submitted electronically on January 29, when filing season begins. “The IRS continues its partnership with Free File Inc. to… Read More »
As some student loan repayments have returned following a nearly four-year pause, some institutions are taking action to ensure students do not end up in large amounts of debt by implementing “no-loan” policies, which will allow students to receive full financial support from the outset of their college education. About two dozen schools have introduced policies that will meet 100% of undergraduate students’ financial needs through grants and other financial aid rather than student loans. These universities are even eliminating student loans from their financial aid packages altogether. In an article from CNBC, Nicole Hurd, the president of Lafayette College in Easton, Pennsylvania, stressed the importance of ensuring that college education is accessible for students, highlighting it as the best investment they can make in themselves. Particularly at Lafayette, families with household incomes of up to $200,000 will have their financial needs met through grants and work study. Of course,… Read More »
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