Relief checks 2023 | Summary news 9 April
Headlines: Sunday 9 April, 2023
- US added 236,000 jobs in March, leading to a small decrease in the unemployment rate to 3.5 percent
- Payroll in theretail sector has fallen by 15,000 workers over the last year
- Millions of dollars in SNAP benefits have been stolen, what to do if this happens to you
- Weekly first-time jobless claims drop 18,000 to 228,000
- Jobs openings decreased in February, still 1.7 jobs for every unemployed worker
- Over 3 million layoffs in the US this year, which sectors have seen the highest job cuts?
- Social Security and Medicare Trustees warn of respective funds depleted by 2033 and 2031
- Experts differ in their opinion over whether mortgage rates will increase or fall vary widely
- Various states will continue to issueinflation relief checks and generous tax refunds in April
- Social Security April payment schedule: when can you expect your payment?
- No Supplemental Security Income checks will be sent in April;instead, the April payment was made on 31 March
- IRS offers a tax credit to filers with dependents in other countries
Read more from AS USA:
Study: The middle class has been getting smaller
The middle class was once a symbol of the American dream, representing opportunities for a better future. But that portrait looks quite different today. Some middle-income households and experts believe a lack of supporting policies might be to blame for the drastic changes, according to CNBC.
Lawrence Mishel, a fellow at the Economic Policy Institute, says, “It’s not that the economy got worse, it was that there were policy decisions made so that the economic growth did not filter down to the vast majority.”
The announcement of major layoffs from large corporations, coupled with the various bank collapses seen over the last six months, has generated a level of economic uncertainty in the US economy not seen in over a decade.
Such conditions create challenges in evaluating the impact of the Federal Reserve’s rate increases on the economy broadly and the labor market specifically.
As the labor market shows signs of softening, Maite Knorr-Evans tells us about the impact on workers and their wages.
The IRS website updates you on the status of your tax refund
You did your fiscal duty early, and now you want to know how quickly you can get a refund on your taxes.
You can find the status of your refund on the IRS website, just look for the tool called "Where's My Refund?" and click on Check Your Refund.
The federal funds rate is the interest rate at which banks and other depository institutions lend money to each other, usually on an overnight basis, to meet their reserve requirements.
The federal funds rate’s impact can be felt by consumers in various ways. Changes can have an effect on consumer loans, mortgages, and credit cards. As our coverage indicates, the rate can affect people’s ability to borrow, save, find work, and manage their expenses.
7 out of 10 Americans say the economy is in poor shape- CNN poll
According to a poll by CNN, the Americans’ view of the economy has improved, but only 29% of them say the country’s economy is in good health.
Around half of those surveyed say that their personal financial situation is worse than it was a year ago. The poll also shows that people are not optimistic that the economy will recover in the next year.
The IRS offers a tax credit for buying an electric vehicle as an incentive to promote the use of more energy-efficient vehicles and lessen reliance on fossil fuels. Electric cars produce zero emissions, which helps to reduce air pollution.
If you bought a plug-in electric or fuel cell vehicle this year, you may be eligible fora clean vehicle tax credit of up to $7,500.
IRS urges taxpayers to file returns electronically
The IRS is encouraging taxpayers to avoid filing returns on paper. They suggest choosing from four ways to file electronically:
-IRS Free File or fillable forms
-Free tax return preparation sites
-Commercial software
-Authorized e-file provider
If you dream of owning a home in sunny California, it may be a good time to buy one, since prices have been going down in recent months.
House values are still steep, but as our report indicates, in some cities, the price drop has been significant.
Get EITC and other tax credits with free tax help
If you are eligible to receive Earned Income Tax Credit, you may also avail of free assistance in filing your tax return.
The IRS's Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs offer free basic tax return preparation to qualified individuals.
VITA sites offer free tax help to people who need assistance in preparing their own tax returns, including people who make $60,000 or less, persons with disabilities, and limited English-speaking taxpayers.
The TCE program offers free tax help, particularly for those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors.
New college grads' salary expectations may not match reality
Those who are graduating from college this year have high hopes for their starting salaries. According to a new survey conducted among college students, they expect to earn more than $100,000 a year in their first job.
However, the projection for the average starting salary for fresh graduates this year is pegged at $50,000, only half that amount.
The wealth of Latin America and the Caribbean is shaped by a complex set of historical, social, political, and economic factors. They are diverse regions comprising of many countries with varying degrees of wealth, natural resources, and economic development.
They are regions rich in natural resources, including oil, minerals, and agricultural products. This has been a key driver of economic growth and development in some countries, particularly those with strong export industries.
Why might people overpay their taxes?
Many people may not fully understand how the tax system works or how to calculate their tax liability correctly. As a result, they may overestimate their taxes owed and end up overpaying.
Individuals with irregular income, such as freelancers or those who work on commission, may have difficulty accurately predicting their income for the year. As a result, they may overpay their taxes to avoid having to pay a large tax bill at the end of the year.
Life changes such as getting married, having a child, or buying a home can affect your tax liability. If you do not adjust your tax withholdings accordingly you may end up overpaying.
People may overpay their taxes if they are not aware of all the tax credits and deductions they are eligible for. For example, they may not claim all their eligible deductions or may not realise they are eligible for refundable tax credits.
If you have overpaid the IRS in your taxes, you can claim a refund for the excess amount that you paid. The IRS typically issues refunds within 21 days of receiving a tax return, but it can take longer depending on the circumstances.
To claim your refund, you can file an amended tax return using Form 1040-X.
McDonald's tightens belt
McDonald's Corp is cutting pay packages for some employees as part of a restructuring that includes layoffs and the shutting down of some offices, according to a report by the Wall Street Journal.
Reuters had earlier reported that the number of corporate employees the company was planning to lay off this week will tally in the "hundreds".
The fast-food chain has offered some employees a chance to remain at the company with reductions in their compensation packages, including changes to titles and benefits such as bonuses and equity grants, the WSJ report said.
Job cuts and changes at McDonald's are affecting employees in the United States and abroad, at the company's Chicago headquarters and in its field offices, and across departments including marketing and operations, the report added.
McDonald's declined to comment on the report.
(REUTERS)
For most taxpayers in the United States, the deadline to submit a 2022 federal income tax return to the Internal Revenue Service (IRS) is Tuesday 18 April 2023.
You can either file for an extension online, or submit electronically. There are a number of areas in the US where extensions do not need to be applied for due to environmental disasters. These are found on the IRS.
Americans living abroad get an automatic tax filing extension
US citizens living abroad should fulfill their tax obligations. Their worldwide income-- including wages, unearned income and tips-- is subject to US income tax, regardless of where they live or where they earn their income. They also have the same income tax filing requirements as citizens living in the United States.
Taxpayers living outside of the USand Puerto Rico have an extension to file, but not to pay. They have an automatic two-month extension to June 15, 2023, if both their tax home and abode are outside the United States and Puerto Rico. Even with an extension, a taxpayer will have to pay interest on any tax not paid by the regular due date of April 18, 2023.
Millions have filed their taxes and are waiting for their refunds. Filing as soon as possible is the best way to make sure your return is processed promptly because as time goes on, more people send their returns which can create processing delays. At the IRS, tax returns are processed on a first-come-first-served basis.
Oliver Povey writes about how to check the status of your tax refund.
Food prices rising at record rates
Supermarket prices have shot up at the fastest rate in decades, putting staples like eggs and bread out of reach for some consumers.
Over the past two years, egg prices have nearly doubled, leading some people to try smuggling eggs from Mexico and becoming more creative by painting "Easter potatoes" instead of eggs, to save some money.
Meat, fish and chicken are all substantially more expensive than they were two years ago, as well as cereal and bread, which cost nearly 25% more today than they did in 2021, according to CBS News.
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Some states continue to send out stimulus or relief checks and tax refunds. Although inflationary pressure in the m\arket has weakened in recent months, the delivery of support will continue in April.
Corina González tell us which states are distributing stimulus and relief checks.
Bank deposits up for the first time after bank failures
Deposits at US commercial banks rose near the end of March for the first time in about a month, showing signs of stabilizing after the two largest bank failures since the financial crisis rocked the banking system and rattled depositors.
Federal Reserve data released showed deposits at all commercial banks rose to $17.35 trillion in the week ended March 29, from a downwardly revised $17.31 trillion a week earlier.
It was the first increase since the start of March and marked an end, for the moment, to a record flight of deposits triggered by the collapses of Silicon Valley Bank and Signature Bank toward the middle of last month.
Tech layoffs and market happiness
Big tech companies had announced in the first quarter that they would lay off a total of 220,000 people. Bad for the workforce, but good for stock value, which climbed in the first three months of the year.
The cutting of jobs pleased investors as the reduced pay required for staff may produce good returns on an investment.