Checks headed to families eligible for the child tax credit are on track to go out starting in July. The Internal Revenue Service commissioner confirmed the agency expects to launch its portal for the credit on July 1, despite concerns about the challenges the IRS would face implementing a program so quickly after the passage of the American Rescue Plan. As part of the COVID relief package signed into law by President Joe Biden in March, the child tax credit was increased for one year with children ages 6 to 17 eligible for a $3,000 credit and children under 6 getting $3,600. The legislation also makes the benefit fully refundable and expands it to low-income families. For the first time, it also shifted half of the credit to advanced direct payments which the IRS was assigned to distribute starting in July, a move that is expected to boost millions of children out of poverty. Children younger than 6 would receive $300 a month in the second half of the year while kids 6 and … [Read more...] about IRS will be ready to start sending monthly child tax credit payments in July, commissioner says
Income tax tax table
UNIVERSAL Credit claimants are being urged to claim a discount on their council tax "straight away" to cut down their outgoings. Low income households on certain benefits are entitled to money off - in some cases up to 100% - the tax to ease the financial burden. Millions of families will see bills rise by up to 5% in April after the Treasury gave the green light for the tax hike in last year’s spending review. The price hikes could see over £100 a year added to payments. The Government advises those who may be entitled to a discount to claim it as soon as possible. A warning on Gov.uk says: "If you are claiming Universal Credit for the first time we would advise you to apply for Local Council Tax Reduction (LCTR) straight away, as many local authorities will not backdate it for you." How to check your council tax bill and whether it's gone up MANY local authorities hiked council tax bills in April - here's how to check if you're now paying more. … [Read more...] about Universal Credit claimants urged to claim council tax discounts ‘straight away’
MARTIN Lewis has urged Brits to check if they can lower their council tax bill by thousands of pounds. Households could be paying too much money on their council tax if they’ve been placed in the wrong band. The MoneySavingExpert founder issued a reminder about checking your band in his ITV Martin Lewis Money Show last night. It comes after one viewer, Samantha Neild, tweeted Martin to confirm she’d been refunded more than £1,400 thanks to his advice. Martin had revealed how to check if you’re in the wrong council tax band during last week’s show, which aired on January 14. In her tweet, the viewer said: “Just had our home rebanded into Band C from D and refunded £1,422. Thank you Martin!” Martin said: “That was council tax rebanding that we spoke about last week - worth looking that one up.” He continued: “When you’re attacking your finances if you’re in debt, you need to just do every single thing out there. “Never assume you can’t save money.” During … [Read more...] about Martin Lewis explains how to save £1,000s on your council tax bill
As the coronavirus pandemic swept the country starting in March 2020, Congress and federal agencies stepped in to help keep millions of people in their homes, put food on tables, pay bills and household expenses for those who lost their jobs and more. In total, Congress passed more than $5.4 trillion in aid in just over a year. These actions helped fuel a massive reduction in poverty in America in 2021. A recent report by the Urban Institute projected a combination of benefits already in place and pandemic-related aid such as enhanced unemployment, along with federal stimulus payments and increased food assistance, would keep nearly 50 million Americans out of poverty in 2021, reducing poverty by 67% compared with what it would have been otherwise. But as more people become vaccinated and businesses reopen, many of the programs to help Americans amid the pandemic are ending — despite a recent rise in coronavirus cases spurred by the Delta variant and a lack of vaccinations in … [Read more...] about Eviction moratorium, enhanced unemployment: Here’s when pandemic-related help is ending
( CBS New York ) — Stimulus checks have helped families during COVID, especially those that lost income. The pandemic continues, as the Delta variant pushes case numbers up among the unvaccinated in many states. But life around the country is settling into a new normal, and economic conditions are generally improving. The rising economy isn’t lifting everyone, however. Some people’s finances have improved, while other people’s have not. Unemployment still exceeds pre-pandemic levels, even with jobs widely available in certain sectors. Many states have already discontinued the federal unemployment bonus. Meanwhile, the federal eviction moratorium ends this week, and millions of people are still short of food and behind on bills. As of July 15, the new Child Tax Credit is helping some families. Despite the available aid, a fourth stimulus check might better serve those still in need. Can Americans expect another payment in 2021? That question is still part of the national … [Read more...] about Fourth Stimulus Check: Will Another Another Relief Payment Come This Year?