Many student loan holders are in limbo and unable to view their balances or track their payment progress due to the current restructuring within the education department. The tool that was once available to help borrowers track balances and payments is no longer online and the department has said they do not plan to bring it back. Borrowers on the Save plan will need to change plans at some point but no date is set. All others have access to a variety of Income Driven Repayment plans, Income Based Repayment plans, or Income Contingent Repayment plans. A new plan known as the Repayment Assistance Plan is set to be unveiled in July 2026.
Mr. Beast, Financial Manager?
Would you let Mr. Beast manage your finances? The most popular Youtube star of all time with 469 million subscribers, Jimmy Donaldson is moving beyond the wild, charitable stunts into the realm of money management. His company has aquired the Step app that offers financial services aimed at teenagers and young adults. The app consists of spending, savings, and parent supervised investment accounts (until the holder turns 18). Some are concerned that Mr. Donaldson will turn his young followers into crypto gamblers but he maintains that his main goals are to give young people the financial foundation that he never had.
Mr. Beast is Getting Into Financial Services, Parents Should Pay Attention
Paperless
The IRS is going paperless. This process began in the fall of 2025 and continues as the federal government seeks to protect against fraud and improper payments. The move also seeks to increase efficiency and to reduce costs. For the coming tax season, the biggest difference will be the phasing out of paper refund checks.
Student Debt Options
Bankruptcy cases do not often include student debt because of the extra filings needed and the rate at which they are discharged. According to Tara Siegel Bernard for the New York Times, a new, more streamlined process for bankruptcy is making it easier to claim student debt and actually have it forgiven. Many jurisdictions utilize the Brunner test for those claiming student debt and the new approach to filing makes it easier to pass that test:
Can you currently maintain the loans and maintain a minimal standard of living?
Is your situation likely to persist for a significant portion of the repayment period?
Have you made a good faith effort to repay the loans?
By satisfying this test, borrower’s cases may be reviewed by the Justice Department and recommendations of discharge made to a bankruptcy judge.
Read More Here: More Student Loan Borrowers Are Shedding Debts in Bankruptcy
Going Digital With Social Security
Want to view your updated benefit account sooner next year? Opt-in to digital notices at https://secure.ssa.gov/RIL/SiView.action. Don’t have an online account yet? It’s simple and the website will walk you through the steps. Have questions or need help with your taxes? Contact us today, debra@nw-cpa.com.
When To Take Social Security
Financial planners will often advise waiting until age 70 to max out the potential amount of your Social Security checks. This may be a good policy but there are many variables that affect when you should claim. Amassed wealth for retirement, personal health, job security and/or burnout are some of the top reasons people may choose to apply before age 70.
Credit Card Debt Assistance
This month we’re looking into specific personal finance related links that may help our customers best manage their money. As we near the holidays, it’s always tempting to spend just a little extra on credit but it pays to beware of interest rates and fees. These can make it way less fun in the future when all the bills come due. Worried about your spending or find yourself in significant credit card debt?
Sign up for Life Kit’s Credit Card Debt Newsletter and learn tips and tricks to both avoid and deal with credit card debt.
Men’s Underwear is a Tell-Tale Sign of a Recession?
According to The Atlantic Daily, mens underwear may be intimately connected with recessions. How, you ask? Alan Greenspan, Fed chairman once suggested that sales of men’s underwear is, “inversely proportional to economic anxiety.” His comment has been supported by other product sales when money gets tight, such as champagne, cigarettes, and snacks. On the flip side, demand for lipstick, high heels, scary movies, and used clothing often increase during these periods. For more and to watch a video about this topic, visit: Clues That a Recession Is Coming
Nervous About Retirement?
‘Mary Dovel, CPA/PFS, managing partner at Telos Family Office in Charlotte, N.C., and a member of the AICPA Personal Financial Planning (PFP) Executive Committee advises that for the best outcomes when planning for retirement, “Clients are much happier when they have clarity and fewer decisions.”’
They recommend following these steps:
Start With an Overview
Consolidate and Automate
Talk About Worst Case Scenarios
Consider Test Runs
Calming nervous clients nearing retirement Read the full article, HERE.
Understanding Adult Dependents
Dependents fall into two categories, a qualifying child or a qualifying relative. In order to claim an adult dependent, they must pass these seven tests:
Dependent Taxpayer Test
Joint Return Test
Citizen or Resident Test
Qualifying Child Test
Member of Household or Relationship
Gross Income Test
Support Test
To find out if you can cut your tax bill by claiming an adult dependent, visit the AARP article, 6 Tax Breaks If You Have an Adult Dependent.