Monthly payments for the child tax credit will start processing on July 15. About 39 million households will receive automatic payments. The advance child tax credit program is part of the Biden administration’s $1.9 trillion economic aid package called the American Rescue Plan that was passed in March “The American …
Read More »IRS To Start Sending Unemployment Benefit Tax Refunds This Month
The IRS will start issuing extra refund checks on 2020 unemployment benefits later this month. The American Rescue Plan, which President Joe Biden signed into law on March 11, retroactively waived federal taxes on the first $10,200 worth of unemployment aid received per person in 2020. Married taxpayers filing jointly …
Read More »Families Earning Below $75,000 A Year Could Have A Tax Rate Of Zero
The $1.9 trillion American Rescue Plan will lower the average individual tax rate to zero or less for families earning $75,000 or less. According to estimates from the Joint Committee on Taxation, middle-class taxpayers earning $50,000 to $75,000 will have an average tax rate of -1.9%. Low-income families will get …
Read More »Biden Calls For Everyone To Receive Paid Leave For Getting Vaccine
President Joe Biden wants employees to receive paid leave for getting vaccinated. “I’m calling on every employer, large and small, in every state to give employees the time off they need with pay to recover if they’re feeling under the weather after the shot,” President Biden said. “No working American should …
Read More »IRS Says Social Security Recipients Should Get Stimulus Checks On April 7
After a delay in issuing checks to about 30 million Social Security and other government program recipients, the IRS said it has a date for when they’ll at last receive their $1,400 stimulus payments. The IRS and the U.S. Treasury Department has said that stimulus payments from the $1.9 trillion …
Read More »Thousands Of Students Will Have Their Student Loan’s Forgiven
The U.S. Department of Education announced that 72,000 students would have their student loans erased under the Borrower Defense to Repayment program. The relief will go to students who attended for-profit schools and were already approved by the Department of Education for Borrower Defense relief. While the move amounts to roughly …
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