MILLIONS of Americans are receiving relief payments between $200 and $1,050.
More than 20million California residents have been receiving the money over the last few months, and when the money is issued depends on the recipient’s last name.
Married Californians who earn $150,000 or less and have dependents will get the maximum amount, which is $1,050.
Single Californians that earn less than $250,000 and couples with a combined income that is less than $500,000 should also see some relief.
Franchise Tax Board (FTB) officials expected that most payments would be issued by the end of last year.
However, payments are still arriving by the end of this month.
Follow our stimulus live blog for more news and updates…
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Retired Americans in Colarado could be given a $1,400 tax credit
Americans who are retired could be given a $1,400 tax credit for 2023 and 2024 if a new sponsored bill passes.
The funds would become available to Colorado residents with the proper eligibility.
Representatives in Colorado want to support people who are likely to be on a fixed income and cost-of-living adjustments (COLA), which have not been able to keep up with inflation.
While it’s not guaranteed that it’d pass, the credit would be refundable which means that if you owe less in tax than the credit is worth, you’ll get a refund of the difference.
The proposal involves distributing the credit over the next couple of years.
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Student loan forgiveness update
On August 24, 2022, the Biden Administration had a plan to cancel up to $20,000 in federal student loan debt. This plan was blocked by the Supreme Court
According to CNBC, the Supreme Court will allow the Biden Administration to give oral arguments, defending the plan, on February 28.
About 26million people applied for the student debt relief.
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Pell grants, explained
According to bigfuture.collegeboard.com, a pell grant is money that is given to students coming from low-income households who need help paying for college.
In the 2021/2022 academic year, pell grants were given to over 6 million recipents, reported by Statista.
The maximum amount of money one reciepent can receive is $6,895 for the 2022/2023 award year.
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Senior citizens in Indiana could get a $200 payment
The state of Indiana has issued two Automatic Taxpayer Refunds last year. The first refund was worth $125 and was first issued in May.
In August, the second taxpayer refund was an additional $200 per individual and $400 for those filing jointly.
While most Indiana residents who filed 2020 tax returns should have received both payments, Social Security recipients were left out and can start taking action this month.
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What is Social Security?
Founded by Franklin D. Roosevelt in 1935, the Social Security Administration was created to “provide financial protections for our nation’s people,” as explained on the Social Security Administration website.
In 2022, about 66 million Americans receive Social Security benefits each month.
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The reason eggs are so expensive
In November 2022, the average egg price jumped 49.1 percent, which was the most significant annual percentage increase among grocery items, according to CNBC.
This price hike has been associated with several factors, including supply chain shortages, which began during the Covid-19 pandemic, as well as a bird influenza outbreak.
The Agriculture Department previously said that the flu has killed 44 million hens, which is roughly four to five percent of the egg industry’s production, according to The Washington Post.
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Biden administration’s plan to make homes more energy efficient
Homeowners can save up to $1billion a year with help from the Biden administration’s consumer home energy rebate program pot.
The money intended to aid communities in making homes more energy efficient comes from a $9billion pot from President Biden’s Inflation Reduction Act.
The rebates will help Americans replace old appliances with more climate-change-friendly versions to cut energy costs.
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Expert dishes the common mistake taxpayers make before filing
With tax season starting, it’s important to know how to get a large refund from the Internal Revenue Service (IRS) in the right way.
Scott Curley, co-chief executive officer of FinishLine Tax Solution, helps people in the U.S. who are having problems with the IRS.
“The best thing that I can recommend for folks and it’s really not a lot of new information, but it’s to be it’s all it is to stay ahead of the eight ball,” Scott told The Sun U.S.
He suggested creating a tax organizer. This is a document that taxpayers fill out to organize all their taxes, obligations and deductions.
The document is typically used as preparation for Form 1040 – the annual income tax return form.
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Apps that are good for budgeting
When it comes to saving money, there are plenty of apps that can help keep track of your spending.
According to Forbes.com, some of the best budgeting apps include:
- Personal Capital
- Mint
- YNAB (You Need A Budget)
- PocketGuard
- Goodbudget
- Stash
- Honeydue
- Digit
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The three federal stimulus checks, explained
Due to the Covid-19 pandemic, the government released three rounds of stimulus checks.
The first stimulus check was worth up to $1,200 and was given to low-income households.
The second check was worth up to $600 and was given at the beginning of 2021.
The Internal Revenue Service (IRS) released a third stimulus check to many Americans that was worth over $1,400.
In total, the IRS released over 175million checks to Americans worth $400billion under the third round.
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How to start a small business
In a tweet made by President Joe Biden on January 21, it has been “the two greatest years for new small business applications on record.”
According to the U.S. Small Business Organization, here are some ways to start a small business:
- Conduct market research
- Write a business plan
- With the business plan, it can help determine how much money will be needed to start a small business
- Pick a business location
- Choose a business structure
- Choose a name for the business
- Register the business
- Get federal and state tax IDs
- Apply for appropriate licenses and permits
- Open a bank account for the business
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President Biden shares update on jobs and inflation
President Joe Biden tweeted some updates on the unemployment rate, inflation and the success of small business applications on January 21.
He claimed that the unemployment rate is almost at a 50-year low and that the annual inflation has decreased for six months in a row.
He also wrote that it has been the two greatest years for new small business applications on record.
“Our economic plan is working,” he concluded his tweet.
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Where to find scholarships
There are many scholarships available for students. According to studentaid.gov, people looking to apply for scholarships never have to pay to find them or other financial aid.
Here are some places to find scholarship opportunities:
- The financial aid office at a college or career school
- A high school counselor
- the United States Department of Labor’s scholarship search tool
- The student’s employer or their parent’s employer
- Different organizations that are based on the student’s interests or major.
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What are scholarships?
Scholarships are “gifts” given to students. These gifts do not need to be repaid and there are many of them.
They can be offered by schools, employers, companies, communities, social organizations, nonprofits or religious groups.
There are plenty of scholarships available based on many different topics including academic status, gender and family background.
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Ways to make some extra cash in college
There are many different options when looking to make some extra money while studying.
According to millennialmoney.com, here are some options:
- Deliver meals and other products using UberEats or DoorDash
- Complete online surveys or tasks: sites like Survey Junkie
- Tutoring
- Become a teaching assistant
- Working as a library assistant
- Working in retail
- Writing resumes
- Barista
- Freelance writing
- Campus Ambassador
- Selling crafts on Etsy
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Popular work-study jobs
Work-study jobs are given to undergraduate or graduate students looking to help pay for education-related expenses.
According to campusexplorer.com, these are the six most popular work-study jobs:
- Tutoring
- Fitness center: sports-related jobs
- Research positions
- Working with computers
- Working in a library
- Off-campus jobs: working with organizations, legal or medical centers
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Work-study, explained
Work-study is aimed to provide part or full-time jobs to undergraduate and graduate students. These on or off-campus jobs can help them pay any education expenses.
People participating in work-study jobs are paid hourly or by salary—depending on if the student is an undergrad or is in grad school. Payments are sent directly to students’ bank accounts or used to pay for education-related bills.
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Federal deadlines for FAFSA applications
According to the FAFSA website, FAFSA forms for the 2022-2023 academic year is June 30, 2023 by 11:59 p.m. CT. Any corrections or updates must be submitted by September 9, 2023 by 11:59 p.m. CT.
For the 2023-2024 academic year, FAFSA forms mist be submitted by June 30, 2024 11:59 p.m. CT. Any corrections or updates must be submitted by September 14, 2024 by 11:59 p.m. CT.
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FAFSA, explained
FAFSA stands for Free Application for Federal Student Aid.
People complete the FAFSA application to apply for federal student aid to help them pay for school. This can include federal grants, work-study and loans.
According to bankrate.com, there were about 17.8 million FAFSA’s were submitted during the 2020-2021 application period.
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Stimulus checks, explained
A stimulus check is a direct payment that taxpayers are given via direct deposit or a paper check.
The United States gave taxpayers three checks that varied in amount. The first check was worth $1,200, then $600, then $1,400.
Taxpayers were given this check to help those in financial distress due to the Coronavirus pandemic.
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Experts warn of a decline in tax refunds in 2023
Mark Steber, the chief tax information officer at Jackson Hewitt told CBS News, “You’re probably not going to have as pleasant an experience as you had last year.”
This year, people can see checks up to $3,200.
However, for 2023 it could be around $2,700.
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The chances of another stimulus package in 2023 is low
This year, the likelihood of the US government giving out more stimulus checks is low.
On January 3, the new congress were sworn in and now the House of Representatives is controlled by the Republican Party. Many experts warn that another stimulus payment isn’t likely.
House Republicans are trying to find a plan to “cut government spending, taxes, and regulation that is fueling higher prices, more made-in-America energy, more workers reconnected to their job and innovation that can reduce the drivers of inflation,” Texas Representative Kevin Brady told CNN.
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Maine spent the most on stimulus checks
During the height of the Covid-19 pandemic, taxpayers in Maine received a hefty stimulus check worth between $850 and $1,700.
Yahoo Finance reported that the stimulus payments were based on income and filing status.
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Americans are in favor of more stimulus payments
Newsweek and Redfield & Wilton Strategies conducted a survey that asked 1,500 Americans if they supported another stimulus package.
63 percent of Americans who were surveyed said yes.
However, there are no current plans for the US government to send out more stimulus payments.
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Checks available for food industry workers
The Farm and Food Workers Relief federal program—which is organized by the Department of Agriculture (USDA)—can help provide food industry employees with $665million.
Eligible farmers, grocery and other food industry workers can receive a one-time check worth $600.
