U.S. finance updates: tax refunds, gas stimulus checks, mortgage interest deduction…
Mall citizens of United States have to be careful with their money these days, because rise in inflation and the impact of the COVID-19 pandemic have left many struggling to pay their mortgages, rent and utilities. However, you can get help in several ways, for example via tax refund, gas stimulus checks, mortgage interest deduction and more.
In this live blog, we will provide the latest financial news coming out of the USA.
In which cases do you have to repay the child tax credit?
Based on your AGI, this is the amount you will pay for your CTC.
If your amended AGI for 2021 does not exceed $40,000 (single filers), $50,000 (head of household filers), or $60,000 (joint filers) and your primary residence was in the United States for more than half of 2021, you won’t have to repay any overpayments.
Check the specifications in the link below.
Is bitcoin mining a good business?
If you are motivated to earn extra with bitcoin, mining might be a good option for that. However, there are basic steps to follow before deciding if this is a profitable plan.
If you want to profit from Bitcoin, you may have to follow a certain path, check our story for crucial information.
Gas stimulus check alert: Will there be a gas stimulus check?
Rising gasoline prices in the United States have led the public to demand that the government take action to reduce costs.
Democratic lawmakers want to cut costs for gas consumers from gas stimulus checks that would work like supports given by the IRS at the start of the Covid-19 pandemic.
Any taxpayer who files taxes under single status and earns less than $75,000 per year will receive this refund, although if you earn more than $80,000 you will receive a lower amount.
Check the complete information here.
How to get a refundable tax credit in 2022
Although there are certain conditions that must be met in order to receive a refundable tax credityou may qualify depending on your income within a certain range, your family size, and whether or not you as a taxpayer have earned income.
If you meet the requirements of a refundable tax credit and the amount is more than the amount of tax you owe, you will be refunded the difference.
Learn more about how to get a refundable tax credit in 2022.
Georgia Tax Refund
In the state of Georgia, Governor Brian Kemp implemented a repayment plan by signing a billion dollar bill for Georgian taxpayers.
Your deposit status affects how much you could receive, so single filers could get $250, head of household could get $375and married couples filing jointly could get up to $500.
Learn more here at Georgia Tax Refund Plan.
Gas stimulus checks
Rising gas prices in the United States have led to calls for states to issue stimulus check type payments citizens to keep them on the road.
In California, Governor Gavin Newson suggested issuing direct payments of $400 per vehicle to state residentswhich would cost about nine billion dollars from the state budget surplus.
Learn more here about the gas stimulus checks.
Difference Between Federal and State Tax Brackets
Federal income tax is broken down into tax brackets, which means that part of the income will be included and will depend on the filing status. However, when it comes to state tax laws, there is less tax brackets and lower tax rates.
While there is a graduated tax rate structure for federal taxwhich means that less tax is paid on “chunks” of income in the lower brackets.
Learn more here about the difference between federal and state tax brackets.
Eligibility for mortgage interest deduction and how to apply
It is possible to get a tax deduction on any mortgage interest paid on the first $1 million of mortgage debt in the United States because anyone who bought a home after December 15, 2017 can deduct interest on the first $750,000 mortgage payment.
the mortgage interest deduction is there to help reduce taxable income by the total amount paid in mortgage interest during the year.
Learn more here at mortgage interest deduction.