July 5, 2022

Saluti Law Medi

Rule it with System

American Finances Updates: Lawmakers approve $500 Tax Rebate Checks, Child Tax Credit payments are due…

It may be the case that the federal government in the USA is no longer giving out stimulus checks to support low-income and medium-income households, but states are organising new benefits programs themselves. For example, in New Mexico they’ve just passed a law to give out $500 Tax Rebate Checks.

There are similar benefits schemes across the USA and, in our live blog this Saturday April 9th, we’ll outline the details on several of them. So, stay right here for the latest information on how to save money!

A tool to ensure you file your taxes correctly

With less than 10 days to go until the tax deadline, many Americans will spend part of this weekend filing their 2021 tax returns.

It’s worth keeping in mind that the IRS has a useful tool called the Interactive Tax Assistant. This can help clear up any doubts and ensure you don’t pay the wrong amount.

Oil executives questioned over gas prices

With gas prices having risen in recent weeks, some of the USA’s top oil executives were questioned about the increase at a sub-committee. The hope is that a solution can be found to help bring prices at the pump back down.

“The American people are getting ripped off” the executives were told, as they were accused of “profiteering”.

Avoid delays with your 2022 tax refund

For those who have already filed their taxes, they’re currently waiting on their tax refund, if they are due one from 2021. There are some methods that you can try to speed up that process.

One way of speeding up the tax refund process is to file your taxes electronically and have the money arrive via direct deposit, but that’s not the only tip.

You can read more here about how to get your tax refund quicker.

Last chance for a third stimulus check

Some people didn’t actually receive their third stimulus check from the federal government and they’re still entitled to claim that money, but only until April 18.

As CNN reports, those who didn’t get the right amount of money and who may be due more can also claim it over the next nine days.

Appealing Medicare LCDs

If you have been denied an item or service through a Medicare Local Coverage Determination (LCD), you might be able to appeal.

You can appeal if you require the item or service that isn’t covered by the LCD and if you’re entitled to benefits under Medicare Part A (Hospital Insurance), are enrolled under Medicare Part B (Medical Insurance), or both.

You can read more here about how Medicare LCDs work.

$500 Tax Rebate Checks in New Mexico

The New Mexico Legislature has passed a bill that will give out $500 checks across two payments in the coming months. That is great news for all who file taxes in this state.

New Mexicans who already filed or will file their income tax return for 2021 will get $500 as individual filers or $1,000 if they file jointly, with the first payment expected in May or June.

You can read more here about the $500 Tax Rebate Checks that are coming in New Mexico.

Child Tax Credit payments are due

Between July and December of 2021, advanced payments of Child Tax Credit were sent out, in instalments of up to $300 per month.

But, that was only half of the year’s Child Tax Credit, with the remaining amount to be paid out this April.

You can read more here on how and when that remaining amount of Child Tax Credit will be paid out.

Prepare for the tax deadline by learning the difference between marginal tax rate and effective tax rate

The tax deadline is coming up on April 18 and Americans are, therefore, trying to get their heads around some of the more complicated tax filing terms. That includes marginal tax rate and effective tax rate.

Essentially, the marginal tax rate is different because this is the tax rate imposed on someone’s last dollar of income, whereas the effective tax rate is the percent of their income that an individual or a corporation pays in taxes.

You can read more here to learn about the difference between marginal tax rate and effective tax rate.