IRS, child tax credit, Social Security funding updates for this week


America’s financial realm has a lot on its plate right now with IRS tax deadlines approaching and Social Security payments coming out.

Here, you can find answers to your pressing questions regarding things like social security and tax-related issues.

As tax season draws to a close, a lot of information is circulating.

IRS: watch out for these simple mistakes that could delay your refund for several months

2022 IRS Tax Deadline

The deadline for 2022 is April 18.

This means you must have filed your taxes or requested an extension at this point.

Over 62 million tax returns have been processed.

To see your refund quickly, file your tax return as soon as possible.

Stimulus: why you would need to pay back the stimulus money

Child tax credit

The child tax credit payments that parents saw in 2021 came to an abrupt end in 2021 when the end of the year arrived.

The aim was to extend it until 2022, but the legislation was not passed.

The credit is back to $2,000 unless changes are made.

If you find you owe the IRS less than the tax credit amount, you could see up to $1,400 per child this year.

Social Security

Inflation in 2021 caused the COLA to increase by 5.9%.

This caused Social Security checks to soar to an average of $1,657 per month.

You can always increase your potential benefits by working earlier in life to increase your annual income.

If you delay benefits until age 70, they can increase by 8% each year between your full retirement age and that date.

Source link


Comments are closed.