USA finance and payments live updates: $2,753 monthly check, tax deadline 2022, gas stimulus check...
Financial news: live updates
Financial news headlines | Saturday 16 April
- Twitter resists Elon Musk bid to buy social-media platform
- Average price of gas in US today, per AAA: $4.077
- California leaders propose 32-hour workweek; what would be the impact of this?
- Several cities offering Americans up to $10,000 to move there.
- Pilot scheme studies the benefits of universal basic income for low-income mothers
- Could a $2,753 monthly check be coming to those on Social Security?
Helpful information on tax season & more
Tax deadline: 18 April 2022 (19 April in Maine and Massachusetts)
- What happens if you miss the tax-filing deadline?
- Why is Tax Day on 18 April this year?
More AS USA news articles:
Compared to a federal holiday like Christmas, far more stores will be open on Easter Sunday. Without the day being a legally mandated holiday, businesses have far more power to demand workers come in for business as usual.
Tax season end approaching
Eligible parents that didn’t opt out should have already received monthly payments from the enhanced Child Tax Credit for the 2021 fiscal year. But those payments only represented half of the total credit they could be eligible for. The remaining portion of the credit for each child under age 17 can be claimed on 2021 tax returns.
Not everyone chose to receive the advance payments on the credit and some families that aren’t required to file tax returns never got signed up. These taxpayers will be able to claim the full amount they are due if they file in time.
Easter weekend is upon us, and there could still be instances where you need to do some vital business this weekend. If it’s banking you are after, you will have to hurry, as none will be open on Easter Sunday and most have reduced trading hours on Saturday.
How Manchin killed Biden's Child Tax Credit
An estimated 3.7 million more children descended into poverty in January 2022 without the monthly Child Tax Credit. The monthly child poverty rate increased from 12.1 percent in December 2021 to 17 percent in January 2022, the highest rate since the end of 2020. The 4.9 percentage point (41 percent) increase in poverty represents 3.7 million more children in poverty due to the expiration of the monthly Child Tax Credit payments. Latino and Black children experienced the largest percentage-point increases in poverty (7.1 percentage points and 5.9 percentage points, respectively).
Until 2021, America had no child allowance, and therefore reliably about one-fifth of all children lived in poverty, by far the highest such figure among rich countries. The Child Tax Credit was designed to rectify this problem but Sen. Joe Manchin wasn't happy about some aspects of it and decided not to support it.
Reminders about April 18 deadline for last-minute filers
The IRS encourages taxpayers to file electronically with Free File because tax software does the calculations, flags common errors and reduces tax return errors by prompting taxpayers for missing information. The fastest way to receive a refund is to file electronically and use direct deposit.
IRS Free File is available to any individual or family with an adjusted gross income (AGI) of $73,000 or less in 2021.
An estimated 1.5 million taxpayers did not file a 2018 tax return to claim tax refunds worth more than $1.5 billion. The three-year window of opportunity to claim a 2018 tax refund closes on Monday 18 April 2022, for most taxpayers. If they do not file a 2018 tax return by 18 April 2022, the money becomes the property of the US Treasury. The law requires taxpayers to properly address, mail and ensure the 2018 tax return is postmarked by that date.
Extra day to file tax returns in Maine and Massachusetts
While Monday 18 April is the deadline for taxpayers to get their forms filed in almost all of the US, people in Maine and Massachusetts will have an extra day to sort out their returns.
The deadline date for filing 2021 Maine individual income tax returns is Tuesday 19 April 2022. Individuals in Massachusetts will also have an extra day to file their returns. This is due to the Lexington Patriots' Day holiday, which runs from today until Monday.
The Bridge Project to help fight poverty in New York has entered its second phase providing direct cash payments for three years to low-income new mothers.
Need an extension to the 18 April tax deadline?
If you need more time to file your 2021 federal tax return, which for most Americans is due on Monday 18 April 2022, you can request an extension to the deadline on the IRS website.
The agency has posted this YouTube video explainer on requesting an extension:
Check out Taxpayer Advocate Service website
For US taxpayers with doubts about filing their 2021 federal tax return, the Taxpayer Advocate Service is a useful source of help.
The body, which describes itself as an "independent organization within the IRS", has information on its website about deadlines, how to file, how seek an extension, and more.
"We’re here to ensure that every taxpayer is treated fairly and that you know and understand your rights," the TAS says.
How to keep gas costs down amid high prices
Amid sky-high gasoline prices in the US, CNBC’s Jessica Dickler has put together a list of ways drivers can keep costs down when they fill up their tank.
Among Dickler’s tip is paying by cash, rather than by credit card. “The price per gallon can be 10 cents to 15 cents more per gallon for credit card transactions,” she explains.
Dickler also suggests signing up for rewards cards at gas stations. "Loyalty programs, which many major gas station chains have, can help offset the price at the pump," she says.
Some cities in the United States are willing to pay up to $10,000 to convince remote workers to move there to contribute to the local economy.
Average price of gas slightly up on Friday
According to data compiled by AAA, the average price of regular gas in the US stands at $4.077 per gallon today.
That’s a slight rise on Friday’s average price of $4.073 a gallon, and represents a 42% increase on the cost per gallon this time last year.
The US Social Security Administration announced a historic increase for the 2022 COLA that will see certain beneficiaries receive up to $2,753 on average.
Since the beginning of the covid-19 pandemic just over two years ago, eligible Americans have been able to claim a total of $3,200 in federal stimulus checks, plus additional credits for qualifying dependents.
AS USA looks back over the three stimulus checks sent out by the US federal government since April 2020.
How to avoid common errors on your IRS tax return
The IRS has put together a list of ways that US taxpayers can avoid common errors when filing their 2021 federal tax return, which in most cases is due by 18 April.
These tips include reminding taxpayers to check ‘yes’ or ‘no’ to the question asking them if they have “received, sold, exchanged or otherwise disposed of any financial interest in any virtual currency”.
The IRS tends to place the deadline for filing your federal tax return on 15 April, but in 2022 Americans have a few days longer than that.
File your tax return electronically, IRS urges Americans ahead of deadline
As the 18 April deadline approaches for most Americans to file their 2021 federal taxes, the IRS is urging US taxpayers to submit their return electronically. Those who do so are likely to avoid the delays associated with filing a paper return, the agency says.
The IRS has put together this video detailing why you should file online:
Twitter adopts 'poison pill' to ward off Musk bid
Twitter Inc on Friday adopted a limited-duration shareholder rights plan to protect itself from billionaire entrepreneur Elon Musk's $43 billion cash takeover offer.
Musk made the bid on Wednesday in a letter to the board of Twitter - the micro-blogging platform that has become a global means of communication for individuals and world leaders - and it was made public in a regulatory filing on Thursday.
After his TED talk on Thursday, Musk hinted at the possibility of a hostile bid in which he would bypass Twitter's board and put the offer directly to its shareholders, tweeting: "It would be utterly indefensible not to put this offer to a shareholder vote."
Under the plan, also known as a 'poison pill' strategy to resist a bid from a potential acquirer, the rights will become exercisable if anyone acquires ownership of 15% or more of Twitter's outstanding common stock in a transaction not approved by the Board.
The rights plan will expire on 14 April 2023, Twitter said.
See also:Musk launches bid to buy Twitter
(Reuters; photo: REUTERS/Patrick T. Fallon/File Photo)
US finance news, live updates: welcome
Good morning and welcome to AS USA's daily live blog on US financial news. With two days 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.