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Updates on American Finances: the Latest on Gas Prices, $300 Stimulus Checks, and IRS Tax Refunds

Gas costs and inflation are growing, making it a difficult moment for the US economy and millions of Americans. However, it is tax refund season, and some proposals have been made to send out Gas Prices Stimulus Checks worth up to $300 to poor families.

We’ll have updates on all of these items and more in our Wednesday, March 30 live blog on the latest American financial news and tips, including how the situation in Ukraine is unfolding and how it might affect the US economy.

Are you a student in college? You are eligible for a fair financial help package.

The Free Application for Federal Student Aid is part of the United States Department of Education’s Office of Federal Student Aid, which awards around $112 billion in financial aid each year to help students pay for college or career school.

The FAFSA is an opportunity to locate the school and financial alternatives that work best for you and set you on the route to success with careful planning.

Inquire with your school counselors and the financial aid office at your institution about the available state, college, and nonprofit grants and scholarships, then fill out your application.

What percentage of your Social Security payments do you pay in taxes?

With tax season approaching, many Americans are wondering if they will have to pay taxes on their Social Security checks and, if so, how much they would have to pay.

Updates on American Finances the Latest on Gas Prices, $300 Stimulus Checks, and IRS Tax Refunds (1)
What percentage of your Social Security payments do you pay in taxes?

It’s a tough question, and the answer will differ based on the circumstances of each individual. Those who earn more may have up to 50% of their benefits taxed. The wealthiest 1% of Americans might face a tax rate of up to 85% on their benefits.

Currently available homeowner assistance programs

Although the US government has begun to phase out numerous programs that were put in place to assist Americans at the onset of the COVID-19 pandemic, there are still several schemes available, including for homeowners.

Conforming loan refinance is available to persons with a debt-to-income ratio of 65 percent or less and a credit score of at least 620, and it may be feasible to qualify for a reduced mortgage rate.

In April, extra SNAP benefits will be available… but only in certain states.

Several extra Supplemental Nutrition Assistance Program (SNAP) payments were sent out to low-income families during the coronavirus epidemic, but this is due to alter in some states in April as the public health emergency ends.

Updates on American Finances the Latest on Gas Prices, $300 Stimulus Checks, and IRS Tax Refunds (2)
In April, extra SNAP benefits will be available… but only in certain states.

Other states, on the other hand, have been allowed the authority to continue paying out additional SNAP benefits.

$300 Stimulus Checks for Gas Prices

Given the recent spike in gas prices, California Democrat Mike Thompson, Connecticut Democrat John Larson, and Illinois Democrat Lauren Underwood have presented a bill that would provide up to $300 in Gas Prices Stimulus Checks.

Also Read:- Update on the Stimulus: Three Reasons Why Poverty in the United States Could Now Soar

Families could claim up to $1,000, while individuals could claim up to $100. However, only in locations where petrol prices remain above $4 per gallon would this be possible.

What is the EITC and how do I claim it? (EITC)

The Earned Income Tax Benefit (EITC) is a key tax credit offered by the US government to low-to-moderate-income families. However, many people who are qualified for this benefit are unaware of their eligibility or aren’t receiving the funds they are owed.

Also Read:- Ivanka Trump Is Helping Ukrainian Refugees, a Far Cry From Her Billionaire Palling Around Days

The IRS has advised anyone who believes they may be eligible for the EITC to double-check and make sure they are receiving the benefit. This can be done while preparing a tax return for 2021.

Getting your 2022 tax refund as soon as possible

One piece of good news for Americans is that they will soon receive money that is properly theirs. This is because, once the 2021 tax returns are filed, the IRS will send out tax refunds.

Also Read:- Who Is Eligible for $1,400 Stimulus Checks if They File Their Tax Returns in 2021?

You can track your IRS check if you need some more cash right now and want your tax refund as soon as possible.

The possibility of a peace agreement between Russia and Ukraine is good news for the American economy.

Many of the current economic troubles in the United States may be linked back to the conflict in Ukraine and the sanctions imposed on Russia by countries, which had unintended implications in the United States. The fact that peace talks in Istanbul are supposedly going well is consequently good news for Americans in need of financial assistance.

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