Money Issues Links
COVID Tax Tip 2022-165: Grandparents and Others With Eligible Dependents Shouldn’t Miss Out On the 2021 Child Tax Credit
Grandparents, foster parents or people caring for siblings or other relatives should check their eligibility to receive the 2021 child tax credit. People who claim at least one child as their dependent may not realize they could be eligible to benefit from the child tax credit. Eligible taxpayers who received advance child tax credit payments last year should file a 2021 tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance child tax credit payments last year can claim the full credit by filing a 2021 tax return. COVID Tax Tip 2022-165: Grandparents and others with eligible dependents shouldn’t miss out on the 2021 child tax credit. Internal Revenue Service (IRS) sent this bulletin at 10/27/2022 10:39 AM EDT
IRS Tax Tips
October 27, 2022… more »
The Biden-Harris Administration is Taking Action on Junk Fees that Hurt Americans’ Pocketbooks and the Economy
"Academic research and agency experience suggest the following fees and fee practices fall within this category: Mandatory fees that often hide the full price. Some sellers publish a low price and then add mandatory fees later, at the “back-end” of the buying process or when a consumer tries to terminate the service... As the research shows, by hiding the full price, this practice can lead consumers to pay more than they would otherwise, and it also makes it hard for consumers to comparison shop... An example is the “service fees” added to the cost of a ticket to a concert or sporting event. more »
Social Security Announces 8.7 Percent Benefit Increase for 2023; On average, Social Security benefits will increase by more than $140 per month starting in January.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said. To view a COLA message from Acting Commissioner Kijakazi, please visit www.youtube.com/watch?v=Vgm5q4YT1AM. The Social Security Act provides for how the COLA is calculated. To read more, please visit www.ssa.gov/cola. more »
Fed Reserve Chair Jerome H. Powell At “Reassessing Constraints on the Economy and Policy": "We must keep at it until the job is done", Jackson Hole, Wyoming
" History shows that the employment costs of bringing down inflation are likely to increase with delay, as high inflation becomes more entrenched in wage and price setting. The successful Volcker disinflation in the early 1980s followed multiple failed attempts to lower inflation over the previous 15 years. A lengthy period of very restrictive monetary policy was ultimately needed to stem the high inflation and start the process of getting inflation down to the low and stable levels that were the norm until the spring of last year. Our aim is to avoid that outcome by acting with resolve now." more »