Mom of four wins million-dollar tax-free lottery just before New Year’s
Mother Wins £1 Million Prize, Changes Plans After Work A mother’s quiet evening took a surprising turn just before the new year of 2026. Nikita Muse, 35, became a millionaire after winning Omaze’s monthly Millionaire Draw, taking home a tax-free £1 million, which is around $1.34 million in U.S. dollars. Muse, who works as a […]
Complete These 4 Important Steps Before the End of the Year for Tax-Free Student Loan Forgiveness
Important points Students eligible for loan forgiveness in 2025 won’t owe taxes on their forgiven loans. To have a loan forgiven, borrowers must meet specific payment and plan requirements. The Department of Education has restarted the student loan forgiveness process, but there are a few steps borrowers should take to avoid federal taxes on forgiven […]
Newborns receive a $1,000 tax-free savings fund that grows until they turn 18 — a revival of the American dream or a burden of debt?
Trump Account Initiative Aims to Support Newborns In July, President Trump enacted the One Big Beautiful Bill Act, creating the Trump Account, a no-tax savings program. This initiative will allocate a $1,000 deposit from the government for every newborn in the U.S. starting in 2025 through 2028. Beginning on July 4, 2026, families can contribute […]
IRS issues updated guidance on tips and overtime deductions being tax-free
IRS Offers Guidance on New Tax Provisions for Tips and Overtime The IRS has issued new guidance concerning the “no tax on tips” and “no tax on overtime” provisions outlined in the One Big Beautiful Bill Act (OBBBA), which will be relevant for workers claiming credits for the 2025 tax year. This law, signed by […]
This retirement plan option provides tax-free growth, yet just 18% of investors take advantage of it.
Understanding Roth 401(k) Contributions Many investors rely on workplace retirement plans to build their long-term savings through automatic paycheck deductions. Yet, it’s surprising how many employees aren’t taking full advantage of these opportunities, particularly with options for tax-free growth. Data from Vanguard indicates that while 86% of retirement plans offered Roth contributions in 2024, only […]
Maximizing Ohio’s Tax-Free Holiday Before Back-to-School Season
Ohio’s Tax-Free Holiday in Montgomery County Montgomery County is currently enjoying Ohio’s tax-free holiday, allowing shoppers to purchase eligible items without paying taxes, a benefit that lasts until next Thursday. These tax-free holidays aim to assist families in getting their children ready for school, a report mentioned earlier by News Center 7. As summer winds […]
Ohio starts its tax-free weekend: What you should know
Ohio’s Tax-Free Holiday Offers Extended Savings Ohio’s tax-free holiday is currently active, allowing families a chance to save money while shopping for back-to-school items over an extended period. This year’s sales tax holiday will take place from 12:00 AM on August 1st until 11:59 PM on August 14th. The event includes nearly all tangible personal […]
A change in tax-free rules for low-cost goods is affecting air shipments to the US from China.
Air freight volumes from Asia have dropped significantly since the US ended its tax exemption for low-value packages coming from China, as noted by trade groups and analysts. According to data from the International Air Transport Association, demand for air freight from Asia to North America decreased by 10.7% in May compared to the previous […]
Wealthy Travelers Can Now Donate Tax-Free Directly To Their Preferred Environmental Activists
Climate Rebellion Secures Tax-Exempt Status The climate protest group, Climate Rebellion, announced on Tuesday that it has been designated as a 501(c)(3) organization by the IRS, enabling it to provide tax-exempt donations to environmental activist organizations. Michael Greenberg, the group’s founder, remarked that this status allows such organizations to “level up and reach maximum power […]
A different approach to Trump’s tax-free tips idea could save billions in revenue.
Tax Exemptions for Tips and Overtime Pay Under Trump’s New Bill The latest iteration of President Donald Trump’s significant legislation is missing one of his prominent campaign pledges: federal tax exemptions related to tips and overtime pay. Nevertheless, Trump managed to refine this promise through a novel initiative known as “Trump Tips and Overtime Deductions,” […]