Scary Student Loan Stories
40 min

Is there anything scarier than student loans? With Halloween just around the corner, student loan experts Lauryn Williams and Meagan Landress share scary updates from 2020 and terrifying student loan stories.

 

In today’s episode, you'll find out:

 

  • An update on student loan changes so far this year
  • If student loan payments will be suspended after December 31
  • Should you recertify your income-driven plan before the end of the year
  • Why recertifying your income now could be a smart strategy
  • What to do if your mortgage broker won’t qualify you for a mortgage
  • How to handle student loans if you think bankruptcy is your only choice
  • What happens if you pass away with a student loan balance
  • Can disabled veterans have student debt discharged
  • What to do if you have FFEL loans and want to qualify for PSLF
  • How to figure out how long you’ve been in an income-driven plan

 

Full show notes at http://studentloanplanner.com/98

 

Like the show? There are several ways you can help! Subscribe on Apple Podcasts, Spotify or Google Podcasts

 

Feeling helpless when it comes to your student loans?

The Power Of Zero Show
The Power Of Zero Show
David McKnight
My Post-Mortem on the Presidential Election
At the time of recording this podcast the results haven’t been certified but it looks like Joe Biden will be the next US president. There are a couple of different outcomes that you need to pay attention to. The first involves him not controlling the Senate. In order to win the Senate Democrats would have to win two seats in a runoff election on Jan 5 but pundits are saying that result is unlikely. If Republicans control the Senate there will be a lot of obstruction for Joe Biden’s agenda. Everything that Joe Biden campaigned on is going to be effectively neutralized and he will probably have to postpone any changes until the midterms two years from now. This means you can expect two years of relative status quo, but if the Democrats do win those Senate seats in the midterm elections or want to press his program, he will likely try to make the most of the opportunity and push through his agenda more aggressively. If you make more than $400,000 per year, you are essentially a marked man or woman. For example, if you live in California you will have to pay a 13.3% State tax, a 39.6% Federal tax, an additional 14% additional Social Security tax for every dollar over the $400,000, and finally a 3.8% for an Obamacare surcharge. This scenario results in 1970s style tax rates where you would be paying 70.7% in taxes. You will also have fewer ways to mitigate that tax and be unable to deduct 401(k) contributions on the margin as well. Joe Biden has proposed considerable changes to the way 401(k) deductions are done so we are going to start to see deductions phasing out for people in the higher income levels. Joe Biden wants to be able to tax you at high marginal tax rates and doesn’t want to give you a lot of recourse in terms of mitigating that tax. If you have significant income, your long term capital gains could become short term gains. If Joe Biden wins the Senate he will have two years to put this into law but in the process will likely upset a lot of people and potentially lose the Senate after the midterms, however this means that for the first two years you better duck and cover if you make $400,000 a year or more. If you make less than $400,000 a year, a Joe Biden presidency is relatively good news for you. Joe Biden plans on letting the tax cuts expire for the people that make $400,000 or more but for those who make less, he plans on making the tax cuts permanent. This could make contribution to your 401(k) a bit more complicated and for those above the $400,000 threshold they will probably want to consider some other options. In terms of the Power of Zero paradigm, it is largely good news if you believe that Joe Biden will make the tax cuts permanent for those who make less than $400,000 per year. We can’t afford to keep tax rates this low and have actually gone beyond the point of no return. We would have to tax 103% for every dollar made over $400,000 just to prevent the deficit from growing. This doesn’t include actually paying off the debt. Unless you believe in Modern Monetary Theory there doesn’t seem to be any other way to solve our problems other than ultimately raising taxes on the middle class. Joe Biden is kicking the can down the road and it’s going to compound our problems over time, but if you’re looking to take advantage of this opportunity before we come face to face with reality, this is a great opportunity to shift money to the tax-free bucket. If Joe Biden wins over the Senate there’s going to be a lot of shock and awe in the first two years of his administration as they push through a number of pieces of legislation that will disproportionately impact people who make more than $400,000 a year. If he doesn’t win the Senate he will bide his time until the midterms to gain the seats he needs to implement this agenda.
14 min
Simply Tax
Simply Tax
Damien R. Martin, CPA
AICPA Advocacy Updates: PPP & Beyond #113
The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters—and 2020 has been an exceptionally busy year. Guest Amy Wang, AICPA tax policy and advocacy senior manager, joins host Damien Martin to share what the team has been up to and provide an update on Paycheck Protection Program (PPP) loan forgiveness. Here’s what’s covered: * Update on PPP loan forgiveness and related activity in Washington @01:16 * The latest with AICPA tax policy and advocacy efforts @06:51 * Ways the AICPA has made a difference in the guidance implementation process @17:58 * Key areas of focus going forward @21:12 * Closing thoughts @24:44 BIO FOR GUEST Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members be the most trusted professional providers of tax services, while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings. Learn more about our guest and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
28 min
Neshamos.org Podcast: Stories of Hope and Healing
Neshamos.org Podcast: Stories of Hope and Healing
Neshamos.org
“I am not my circumstances” (feat. Schneur Lakein)
Schneur Lakein is a Miami-based entrepreneur who grew up in Crown Heights, Brooklyn. At three years old, Schneur lost his mother, and his father passed away just twenty years later. As a result, Schneur struggled with feelings of abandonment, loneliness, and a desperate need to prove his strength and independence to both himself and others. As he progressed first through primary and high school and later on to the Israeli army, he began to understand how his mindset, self-beliefs, and inability to open up were limiting everything from his performance to his relationships and ultimately his quality of life. A self-development workshop proved to be a major turning point for Schneur. At the age of 26, he began to let go of his victim mentality, transform his perspectives, and choose to live consciously.  Today, Schneur focuses on self-growth and creating his own identity. “When you choose to accept what happened to you, you have power,” he reflects. “You are no longer a victim of an unchangeable past.” His message? “You’re bigger than your circumstances, whatever they may be, and nothing is beyond your reach. Whatever hole you’re in, you can dig your way out by choosing your life exactly the way it is, every single day.”  We’d like to give a special shoutout to Schneur, who was one of our very first guests here at Neshamos.org back when we launched the organization with our first-ever event in May 2018. At the time, he took the stage to share his story in front of a crowd of hundreds of people, setting a precedent and shattering stigmas around mental health. You can watch the full video of his speech here https://www.youtube.com/playlist?list=PLzAAb3xWi5coYtWciFy9MgwvsoU8hF258 --- Support this podcast: https://anchor.fm/neshamos-podcast/support
1 hr 9 min
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