Many people in the United States are affected by the cost-of-living crisis, with many concerned about rising inflation, rising gas prices, and the fact that they have yet to receive their tax refund.
On Monday, April 11, we’ll bring you the latest financial news and updates from the United States in our live blog.
Who is eligible for the homeowner stimulus program?
The United States government has made $9.9 billion accessible to people as part of the Homeowner Assistance Fund (HAF), which aims to help those harmed by the COVID-19 outbreak.
The funds will be utilized to assist residents in avoiding mortgage defaults, foreclosures, and displacement.
Obtaining a tax extension
The deadline for filing taxes in the United States is following Monday, April 18, so if you are concerned that you will not be able to meet this deadline, you should seek an extension.
If you decide to file an extension, keep in mind that it will not affect the date on which the money is due; only the tax return will be affected.
I’d like my tax refund sooner.
Millions of Americans are still waiting for a future tax return from the Internal Revenue Service (IRS). Therefore, you may do a few things to speed up the process (this could be applicable for future tax years if you are still waiting).
The deadline for filing taxes for this year is April 18, and the average tax refund is currently $3,352.
Check for New Mexico’s stimulus package.
New Mexico has approved a $500 check that will be split into two installments over the following three months.
Residents of New Mexico who have already filed their taxes for the 2020 and 2021 tax years or plan to do so before the deadline are eligible for this bonus, which can be as much as $1,000 in some situations.
The distinction between the marginal and effective tax rates
The tax deadline is quickly coming, with taxes due by April 18. Many Americans struggle to understand certain complicated words related to tax filings, such as marginal tax rate and effective tax rate.
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The difference is that the marginal tax rate refers to the tax rate imposed on an individual’s last dollar of income. In contrast, the effective tax rate refers to the percentage of an individual’s income that is taxed.