It is a tough time for the USA‘s economy and for millions of Americans, as gas prices and inflation are rising. However, it is also tax refunds season and there are even some proposals for Gas Prices Stimulus Checks worth up to $300 to be sent out to struggling families.
In our Wednesday March 30 live blog on the latest American financial news and tips, we’ll have updates on all these stories and much more, including how the situation in Ukraine is developing and how this could impact the United States economy.
Are you a college student? There’s a reasonable financial aid waiting for you
Thee Free Application for Federal Student Aid is part of the U.S. Department of Education’s Office of Federal Student Aid provides approximately $112 billion in financial aid to help pay for college or career school each year.
The FAFSA is an opportunity with careful planning, where you can find the school and funding options that work best for your situation and put you on the path to success.
Ask school counselors and the college financial aid office about the state, college, and nonprofit grants and scholarships you can apply for, and fill your form.
How much do you pay in taxes on your Social Security payments?
With tax season coming up, many Americans are wondering if they need to pay taxes on their Social Security payments and, if so, then how much.
It is a complicated question and the answer will vary depending on each individual’s circumstances. Those who earned more may pay tax on up to 50 percent of their benefits. The very highest earners in American society could pay up to 85 percent in tax on their benefits.
You can read more here about how much you should pay in taxes on your Social Security payments.
The current homeowner relief programs
Although the US government has started to wind down several programs that were put in place at the start of the COVID-19 pandemic to help Americans, there are still many schemes and that includes for homeowners.
It might be possible to qualify for a lower mortgage rate, with conforming loan refinance being offered to people who have a debt-to-income ratio of 65 percent or less and a credit score of at least 620.
You can read more here about the current homeowner relief programs.
Extra SNAP benefits will continue in April… but only in some states
During the coronavirus pandemic, some extra Supplemental Nutrition Assistance Program (SNAP) payments have been given out to low-income families, but this is set to change in some states in April as a result of the ending of the public health emergency.
Other states have, however, been given permission to keep paying out extra SNAP benefits.
You can read more here on which states have been given this special SNAP waiver for the month of April.
Gas Prices Stimulus Checks of $300
Given the major surge in the price of gas, Democrat politicians Mike Thompson of California, John Larson of Connecticut and Lauren Underwood of Illinois have proposed a measure that would see Gas Prices Stimulus Checks of up to $300 paid out.
This would be the maximum for families, while individuals could also claim $100. But, this would only be in areas where the price of gas remains above $4 per gallon.
You can read more here on the latest details of this Gas Prices Stimulus Check.
How to claim the Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) is one of the US government’s major tax credits that is available for low-to-moderate-income families. However, many people who are eligible for this benefit don’t actually know it, or aren’t receiving the money they’re entitled to.
The IRS has urged those who think they might be eligible for EITC to double check and to ensure they are benefiting. This can be done during the process of filing a 2021 tax return.
You can read more here about how to claim the Earned Income Tax Credit.
Getting your 2022 tax refund ASAP
One piece of good news for Americans is that money that is rightfully theirs will be returned soon. This is because tax refunds are being sent out by the IRS, once the 2021 tax returns are filed.
For those who need some extra cash right now and who want their tax refund ASAP, you can actually track your check from the IRS.
You can read more here on how to track your IRS tax refund to get it as soon as possible.
Possible Russia and Ukraine peace agreement is good news for American economy
Many of the current problems in the American economy can be traced back to the conflict in Ukraine and the sanctions that governments decided to impose on Russia, which also had negative consequences back home.
The fact that peace talks in Istanbul are reportedly progressing well is good news, therefore, for Americans looking for some financial relief.
You can read more here about the progress made in the Ukraine and Russia peace talks.
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