FEDERAL STUDENT LOAN DEBT RELIEF: The BETA APPLICATION is now live to apply for Federal Student Loan Debt Relief - Debt Relief | Application | Federal Student Aid . On August 24, 2022, President Biden announced that the federal government would cancel up to $20,000 in student loan debt for eligible debtors. Numerous law suits have been filed to stop the loan cancellation but the government has gone ahead with the release of the beta application to test the process prior to the official launch. If you apply during the beta release, your application will be processed and you won’t need to reapply after the official launch. Debtors will have until December 31, 2023 to apply for debt relief. Call or e-mail me if you would like more information about Student Loan Debt Relief.
The 2022 PERMANENT FUND DIVIDEND was $3,284. This does mean that children will have to pay taxes on their dividend. Children can be included on the parents' return if they only have non W-2 income (the permanent fund, interest on savings accounts and dividends/capital gains on investment accounts, etc.). If they have W-2 wages, they do have to file their own return but parents can still claim them as dependents. Since they have more than $2,200 in non W-2 income, it may be better for them to file their own return. Non W-2 income over $2,200 will be taxed at the parents’ rate .If it’s included on the parents’ return, it is taxed as Other Income and can decrease such credits as the Earned Income Credit. For help with determining the best way to report their income, call or e-mail my office.
STANDARD MILEAGE RATES FOR 7/1/22 - 12/31/22:
62.5 cents per mile for business miles drive
22 cents per mile for medical or moving miles driven
14 cents per mile driven for charitable purposes
STANDARD MILEAGE RATES FOR 1/1/2022 - 6/30/2022:
58.5 cents per mile for business miles driven
18 cents per mile for medical or moving miles driven
14 cents per mile driven for charitable purposes
Alaska's minimum wage will remain at $10.34 an hour for 2022. It will be adjusted every year for inflation with the new rate being effective on January 1 of each year.