Stay tuned to our live blog this Sunday, April 10, 2022, to stay up to date with the latest American financial news. We will be providing the latest and most important updates on rising gas prices and the checks sought to cushion this blow, as well as Medicare and tax deadline news.
Difficult financial times lie ahead as gas prices soar across the United States, and the rise of inflation begins to have an effect on the cost of day-to-day necessities for millions of Americans. Although both federal and state governments are partly liable due to the impact of the prolonged coronavirus measures, they are now implementing certain measures to attempt to cushion this blow, by introducing programs that try to offset the spiraling costs across the country.
In our live blog on the latest American financial news and advice this Sunday, April 10, we will have updates on all these stories and much more.
Applying for benefits at full retirement age is rewarding
The average retirement benefit is $1,657 per month, but there are cases in which some people receive $3,345 per month, the highest benefit.
The key to receive such support is to reach the age of 66 years and 4 months for people born in 1956. Then, you can receive 100% of the benefit calculated from your lifetime earnings.
Read more about how to find out the exact amount you will receive in retirement
Due to the Russian invasion of its territory, Ukraine’s GDP is expected to fall by 45.1% this year
The destruction of the production capacity of its companies and therefore the reduction of its exports, as a result of the Russian invasion of its territory, has caused Ukraine’s economy to record a sharp fall this year.
The latest World Bank report forecasts that the Ukrainian Gross Domestic Product (GDP) will fall by 45.1%.
Russia’s GDP output in 2022 is also forecast to fall by 1.2%, due to financial sanctions imposed by the United States and its allies.
Russia strikes back against economic sanctions imposed by the US and its allies
The Russian government announced Sunday that it increased its reserve fund by 273.4 billion rubles ($3.4 billion) to ensure economic stability in the face of foreign sanctions.
The largest source of the increase, 271.6 billion rubles, was additional oil and gas revenues received in the first quarter of 2022, the Kremlin said in a statement.
Russia’s reserve fund was created to finance unforeseen expenses and significant measures not covered by the federal budget.
Is Bitcoin mining legal in the United States?
In recent years, the United States has developed a patchwork of cryptocurrency regulations, with lawmakers at both the state and federal level taking turns addressing specific aspects of the industry. Several agencies, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), compete for control of parts of the burgeoning cryptocurrency market.
While these financial watchdogs have issued guidelines, warnings and rules, their efforts have been largely uncoordinated.
Read more about cryptocurrency management in the US Union.
What if you can’t pay on time?
If you think you are not going to be able to pay this year, maybe it is time to hire a professional to give you advice and not get into financial difficulties.
At this stage of the year, there are recurring doubts such as, What if I can’t pay my taxes? What if I don’t have enough money to pay all my taxes?
Since each person’s tax situation is unique and there is no one-size-fits-all strategy, you should seek advice from a specialist.
Read more about how to pay my taxes on time
Social Security Disability Benefits
Every day, due to health problems, hundreds of people are unable to work, limiting their ability to earn a living. However, they are eligible for Social Security Disability Insurance (SSDI) benefits.
Read more about how to access this benefit
Gas prices start to fall
There is finally good news when it comes to gas prices in the USA, as they are starting to fall across the country.
There have been drops by eight cents on average across the USA, which is explained because of the government’s plans to release more oil.
The state receiving $500 rebate checks
Although federal stimulus checks are a thing of the past, states can still give out checks if they wish and that is what is happening in NewMexico.
There, lawmakers have passed a bill through which $500 checks will be sent out in two payments in the next months, with the first likely coming in May and June.
You can read more here about the $500 rebate checks in New Mexico.
Know your rights when it comes to Medicare
A Local Coverage Determination (LCD) might initially prevent you from claiming a particular item or service on Medicare, but keep in mind that is could be possible to appeal such a ruling.
You can appeal if you require the item or service that isn’t covered by the LCD and if you’re entitled to benefits under Medicare Part A (Hospital Insurance), are enrolled under Medicare Part B (Medical Insurance), or both.
You can read more here on filing an appeal against a Medicare LCD.
The next steps after the student loan payment pause
With another student loan payment pause having been approved, US politicians are now looking at the next steps for the country’s student loans problem.
senator Patty Murray has now called for the government to forgive some debt for all borrowers, to fix the broken student loan system and to extend the payment pause further to 2023 to get it done.
What happens to unclaimed IRS refunds?
If you don’t claim back your tax, the money will go to the Department of the Treasury. The unclaimed money will be applied to any amounts still owed to the IRS or a state tax agency. It could also be used to offset unpaid child support or past due federal debts, such as student loans.
People in the United States must file their 2021 tax return by April 18 to avoid possible consequences.
Read more about tax deadlines and what happens to unclaimed refunds here.
Gas stimulus check latest
Gas prices have reached a record high, causing bleak times to be forecasted for everyday Americans who continue to see higher prices at the pump.
Certain sections of congress are pushing for the Gas Rebate Act of 2022 that would give 100 dollars to Americans in a bid to combat the soaring gas prices, aimed at individuals who earn 75,000 dollars or less.
Read more about the gas stimulus check here.
Tax deadline 2022
April 18 is the last day to file your tax returns in the vast majority of states. However, if you are not on time, you can request a tax extension before that date.
File an Automatic Extension of Time to File US Individual Income Tax Return (PDF) (Form 4868) on or before the regular due date of your return. If you do not make a proper estimate of your tax, you will be treated as not having filed a valid request for an extension and you may be charged a penalty for late filing.
Read more about the 2022 Tax Deadline here.