USA finance and payments live updates: $2,753 monthly check, tax deadline 2022, gas stimulus check...
Financial news headlines | Monday 18 April
- Taxes are due today (19 April in Maine and Massachusetts): need an extension?
- Some economists believe an one time tax credit or stimulus check could help to US households deal with inflation.
- President Biden to lift ban on high polluting E15 gasoline, to lower fuel costs for consumers.
- Those who never received the Child Tax Credit can still claim it when filing their taxes.
- California legislature proposes new bill for a 32 hour work week: who is for and against the measure?
Helpful information & links
- How can I get a W-2 form from a previous employer?
- Typically Tax Day is April 15th,why was it moved to the 18th this year?
- $1,000 monthly payments for mothers: where is it available?
Ending of tax season imminent
For most taxpayers in the United States, the deadline to submit a 2021 federal income tax return to the Internal Revenue Service (IRS) is Monday 18 April 2022, otherwise known as today.
If you can’t file your 2021 federal tax return on time, you can apply for an automatic extension until 17 October. However, it’s worth noting that a filing extension isn’t a payment extension, so you need to estimate the tax you owe and pay this in full or in part by the original due date.
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What brought the altcoin Shiba Inu into the investor conciousness was its crazy rise from obscurity in January 2021 to a high of $0.00008841 on October 27, 2021. This rise in value was around 121,000,000% in less than a year.
However, if investors were hoping its rise was to continue, they were mistaken. Now, the memecoin is approaching a deadline which could mean it never reaches these heights again.
Why has housing become so expensive?
As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices, and tight inventory are making the pursuit of homeownership the most expensive in a generation.
New data released by government-backed mortgage firm Freddie Mac has revealed that interest rates for 30-year mortgages in the United States have risen to the highest level in ten years. The average rate for low risk, fixed-rate mortgages hit 5% last week, hitting home-owners in the pocket at a time when inflation is also high.
Biden continues to push for gas price decrease
The average prices of gasoline has fallen slightly in recent weeks, dropping after reaching a historic peak in March in response to new sanctions placed on Russian imports. To mitigate the effect of the ban on Russian fuel, President Biden has eased restrictions on forms of US-made gasoline to allow greater supply to enter the market and keep prices fairly low.
If you can’t file your 2021 federal tax return on time, you can apply for an automatic extension to avoid paying the penalty fines normally associated with late filing. However, it’s worth noting that a filing extension isn’t a payment extension, so you need to estimate the tax you owe and pay this in full or in part by the original due date.
How can I claim a tax return extension?
The deadline is fast approaching and, in the vast majority of states, residents have until midnight tonight to submit their tax returns and avoid facing penalty fines. However if you need additional time to complete your filing you may be able to apply for an extension for your returns. This will not spare you from any unpaid taxes that you still owe and you will begin to accrue interest on those outstanding payments, but it might buy you some time and prevent more serious punishments.
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Last minute tax filing tips
The IRS is urging anyone who has not yet submitted their tax returns to get them in as soon as possible, as the deadline for filing this year is at midnight tonight (Monday, 18 April). Fortunately, if you have not yet submitted your taxes you can do so quickly by taking advantage of the IRS' e-filing online portal.
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The covid-19 pandemic has caused mass upheaval in the workforce and prompted tens of millions of Americans to re-evaluate their employment situation. With this in mind, two California lawmakers have proposed significant changes to the Golden State’s workweek.
The idea is to reduce the current 40-hour workweek by eight hours for companies with over 500 employees. They and supporters say that it will increase productivity and profits while opponents call it a “job killer” creating an “untenable” situation for many businesses.
How to file tax returns quickly
Tax day 2022 is here in the vast majority of states but there are still many filers who are yet to submit their returns for the 2021 tax year. But fear not, if you are in this group you still have a bit of time to get your financial documents in order and file taxes to avoid facing a fine and potentially missing out on various forms of financial relief. The best way to file quickly is by taking advantage of the IRS' e-file online system...
Tax Policy Center calls attention to impacts of staffing shortages at the IRS
After years of having its budget slashed, the IRS has reported serious staffing shortages as the US faces one of the busiest tax filing seasons in history. With many families available for additional benefits and credits, more households are filing a return, and the IRS is struggling to keep up with the workload.
This comes as the tax authority has reported a backlog of thousands of paper returns from 2019 and 2020 that must be evaualted by hand, which takes time. For this reason, the IRS highly encourages filers to submit their returns electronically as they are assured to get their refunds more quickly; especially if they provide direct deposit information.
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Gas tax holidays begin to expire
Maryland's gas tax holiday has expired and many experts believe that prices will soon rise again for consumers as state taxes are tacked back on.
To cut costs for households, Gov. Larry Hogan signed a law that suspended the gas tax for about a month. Luckily, gas prices have fallen across the country as temporary measures to increase national supply have worked to stop prices further surging even further.
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As inflation continues to rock the United States, many households are losing purchasing power. Prices are up on average 8.5 percent compared to last year, with increasing fuel costs driving the surge.
To offset these increases in price, some economists have floated the idea of a “one-time “inflation adjustment” tax cut for lower- and middle-income households.” Economists Joseph Stiglitz believes that this tax cut “could be financed by taxing the monopoly rents of the oil, technology, pharmaceutical, and other corporate giants that made a killing from the crisis.”
Could theh dollar be on its way out?
CNBC reports on a question on the minds of many economist: Could the US dollar be replaced as the world's go to currency? There are many currencies that could one day replace the dollar but many do not think that day will come any time soon. The sheer amount of dollar reserves that exist make it easy for international transactions and it would take many years to ween countries off of their dollar dependnce.
Inflation up 8.5 percent compared to March 2021
Last week, the Bureau of Labor Statistics released a record breaking Consumer Price Index report that showed that prices rose a historic 1.2 percent in March. This amounts to a "8.5 percent [increase] before seasonal adjustment" when compared to the prices captured in the market in March 2021.
The BLS notes that "indexes for gasoline (rose 18.3 percent in March), shelter, and food were the largest contributors to the seasonally adjusted all items increase." Both the prices for eating out and groceries rose in March, 1.0 percent and 1.5 percent, respectively.
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Tax Day 2022 is here!
The Internal Revenue Service reminds all users that today (Monday, 18 April) is the deadline day to file taxes for the year. Residents of Maine and Massachusetts have an extra day, until 19 April, because the Patriots’ Day holiday is celebrated on 18 April in the two states. US taxpayers living and working abroad have more time to file, too: their 2021 federal tax return must be in by 15 June.
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How much in taxes did President Biden and the First Lady pay this year?
The White House reported that the first family filed a joint return with a federal adjusted gross income of $610,702. Together, President Biden and First Lady Jill Biden "$150,439 in federal income tax, and their 2021 effective federal income tax rate is 24.6 percent."
The White House also reported that the couple made contributions to ten charities, totaling more than $17,000 in donations.
"The largest gift to charity was $5,000 to the Beau Biden Foundation, a public charity dedicated to ensuring that all children are free from the threat of abuse," read the statement.
At the state level, the couple also paying "$30,765 in Delaware income tax." FLOTUS, who works at a community college in Virginia, also reported "paying $2,721 in Virginia income tax." Read more.
For most taxpayers in the United States, the deadline to submit a 2021 federal income tax return to the Internal Revenue Service (IRS) is Monday 18 April 2022. Residents of Maine and Massachusetts have an extra day, until 19 April, because the Patriots’ Day holiday is celebrated on 18 April in the two states.
If you are looking for a last minute extension, check out our full coverage.
Unemployment rates were down in 37 states in March
The Bureau of Labor Statistics has reported that in March, thirty-seven states saw a decrease in their unemployment rate. No states saw increases last month.
Which states have the lowest unemployment rate?
1. Nebraska: 2.0 percent
2. Utah: 2.0 percent
3. Indiana: 2.2 percent
4. Montana: 2.3 percent.
Which states have the highest unemployment rates?
1. Washington DC: 6.0 percent
2. New Mexico: 5.3 percent
3. Alaska: 5.0 percent
4. California: 4.9 percent
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Good morning and welcome to AS USA's daily live blog on US financial news. With just a day to go until the 18 April deadline, we'll be offering updates and information for Americans filing their 2021 federal tax return. We'll also be discussing other financial news in the US, such as the possibility of a 'gas stimulus check', amid high gas prices in the country.