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If you missed out on your 2021 stimulus payment, there’s still time to claim what you’re owed. According to USA Today, the Internal Revenue Service (IRS) is giving eligible taxpayers another chance to receive up to $1,400 through the Recovery Rebate Credit. Are You Eligible For The Stimulus Payment? You may qualify for this Economic Impact Payment (EIP) if you: Filed a 2021 tax return but did not claim the Recovery Rebate Credit. Have not yet filed your 2021 tax return but do so before April 15, 2025. To check if you’re eligible, review your 2021 tax return. If the Recovery Rebate Credit section is blank or marked $0, you could still receive your payment. Filing before the deadline ensures you receive not only this credit but also any additional refund you may be entitled to. How To Claim Your Stimulus Money For those who already filed their 2021 tax return but didn’t claim the credit, there’s nothing else to do — the IRS began automatically distributing stimulus payments in...
Since Donald Trump came out on top in the 2024 election, the news has been flooded with headlines about how the New York native plans to run the country during his second term. With another dramatic leadership shift from Democratic back to Republican, Americans are anticipating a lot of change to come. Despite the chaos that ensued during his first time in office, there seems to be one thing Trump had to offer that most everyone wants more of – stimulus checks. Per Fox 5 DC , there’s been a sudden increase in social media posts claiming American taxpayers in some states will receive $2,000 or more from the government. This isn’t the first time in 2024 these claims have circulated, and they only seem to be growing more popular in wake of Trump’s presidential campaign and victory. Internal Revenue Service Has No Apparent Stimulus Plans (Saul Loeb/AFP via Getty Images) As you might recall, during the COVID-19 pandemic, the IRS offered three stimulus checks to support taxpayers and keep...
At the top of their X profile, the official @IRSnews account has pinned a tweet advising Americans to be cautious while filing their annual return . “There are many different kinds of social media content,” they wrote, “including tons of misleading tax advice that can put you at risk.” Now, more than ever, it’s crucial to be diligent amid the endless scams and near-constant flow of fake news online. Currently, the rumored IRS $8700 stimulus check has people asking questions. Here’s everything we know about the situation so far: What Are Stimulus Checks? After a bumpy few years navigating the “new normal” following the COVID-19 pandemic , Americans have become familiar with stimulus checks. The idea behind them is to generate economic activity during times of strife. Thanks to bonuses from the government, consumers have more to spend without the stress of going into debt or dipping into savings. In March 2020, then-POTUS Donald Trump signed the Coronavirus Aid, Relief, and Economic...
Many of us who’ve weathered the pandemic-related economic downturn relatively well may have blown some or all of that money on impulse buys. It’s understandable both given the psychic toll of 2020 and the suspect spending habits many of us have. However, with additional checks likely on the way, it’s best to have a plan now for how you might spend that extra money. Here are five responsible ways to use that next stimulus check. Save your stimulus money Part of the reasoning behind the stimulus checks is that getting money into people’s hands will increase consumer spending and help prop up business revenue. However, while spending may be good for the country, it may not be the most prudent decision for you and your family. If you don’t have savings of at least $1,000 (or preferably three to six months’ worth of living expenses), stash that next check to be prepared for emergencies. Invest in stocks 2020 saw the major stock market indices hit historic highs, making many people...
The CARES Act stimulus checks may offer some relief to taxpayers amid the coronavirus outbreak, but distribution may pose a problem for the millions who don’t use direct deposit to receive their tax refunds. In 2019, 19.8 million taxpayers waited longer for their tax refunds to arrive via paper check. Today, these same taxpayers will have to wait longer again — potentially up to an additional three months — for their stimulus checks. MagnifyMoney looked at the 100 largest metro areas in the U.S. to determine where taxpayers used direct deposit the most (and least) to receive their 2018 tax refund. Cities with the highest percentages of check-receiving taxpayers are where people will likely wait longer for financial relief to arrive. In this review, we’ll cover: Key findings Where taxpayers may have to wait longer for their stimulus checks What to do if you didn’t use direct deposit File your 2019 tax return as soon as possible Provide your banking information to the IRS online Open...
About 7.4 million Americans who depend on social security benefits through the Supplemental Security Income (SSI) program will see two payments hit their accounts in May. It’s not extra money, but it is a significant shift to understand. The Social Security Administration’s (SSA) calendar is the reason for the double deposit, with June’s payment arriving early because the first of the month falls on a Sunday. According to USA Today, the first payment is scheduled for Thursday, May 1, and the second will follow on Friday, May 30. Even though two payments will land in the same month, beneficiaries need to know that the second check is an advance for June. Knowing how and why this happens can help millions who rely on social security benefits plan ahead and avoid gaps in their income. Why Two SSI Payments Are Coming In May Every so often, the SSA’s calendar shifts when regular payment dates fall on weekends or holidays. Instead of delaying deposits, the agency sends payments early....
Bobby Brown’s mother had a hand in his publishing deal that is still sending him checks today. Brown is an R&B crooner whose music career began with the boy group New Edition. The group was formed in the Orchard Park Projects of Roxbury, Boston, MA, and originally included Ricky Bell, Michael Bivins, and Brown. Ralph Tresvant and Ronnie DeVoe joined later, notes The Grio. Their claim to fame was participating in a talent show in 1983 where they finished in second place, catching the attention of musician and producer Maurice Starr. The group signed to Starr under a deal with a $500 bonus . “Our royalty check was like $168 but we got $500 to sign and a VCR… We didn’t know anything about it,” Brown acknowledged on the “Club Shay Shay” podcast with Shannon Sharpe . “All we wanted was to perform. All we wanted to do was make enough money to go to the movies, buy candy, date girls. That’s all we thought about. We wasn’t thinking about the longevity.” New Edition then released their debut...
Tax season rolls around every year, but for many it never feels any easier . The stress associated with this time of year (particularly if you’re not anticipating a huge return) can really mess up your groove. Whether you’re managing multiple income streams , juggling business responsibilities or just trying to keep up with life, things can get messy fast. Getting your taxes filed on time can feel overwhelming and like a chore. And let’s face it, when deadlines sneak up and your plate is already full, taxes typically take a back seat. No matter how busy you are, it’s worth noting that missing the filing deadline can lead to some avoidable penalties and much more unnecessary stress. If you’re not ready to file by the due date, requesting a tax extension so time is on your side again might be the next best choice. For those wondering how to take advantage of the option, there are a few things to remember . Firstly, filing an extension is a normal thing (and it is an IRS-approved...
In a political landscape where economic promises often shift with the news cycle, one topic has managed to grab headlines and public curiosity alike: DOGE checks. Tied to the Department of Government Efficiency (DOGE) — an initiative linked to Elon Musk and President Donald Trump’s administration — the proposed stimulus would direct billions in alleged government savings back to American taxpayers. But is this an actual policy shift or a high-profile thought experiment? Here’s what we know. What Are DOGE Checks? DOGE checks are a proposed stimulus payout drawn from cost-cutting measures implemented by DOGE. Since its launch in January, DOGE claims to have saved the federal government $130 billion by downsizing federal agencies and eliminating redundancies. According to Newsweek, the Trump administration has set a $2 trillion savings goal, with the potential for Americans to receive direct financial benefits from these efforts. The term “DOGE checks” gained traction following a...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. The tech industry has long had an obsession with youth. This is seen in how the industry conducts itself, who investors look to invest in, how people look at hiring in the world of startups, as well as which programs are being targeted by DOGE, and which ones aren’t, as they look to make the government more efficient. Over the last few months, the Department of Government Efficiency has aggressively looked for waste and fraud within the federal government. It started with organizations that do not come to mind for the average American, like the United States Agency For International Development, or USAID, which focuses on deploying aid to foreign countries for a variety of efforts centered around health, disaster aid, and economic development. DOGE came in like a wrecking ball to the organization, and as reported by ABC News in February, 4,080 employees worldwide were placed on leave and an...
Nearly 630,000 Fortnite players were reportedly “tricked” into making purchases through the game and will receive a refund. According to a press release, the Federal Trade Commission (FTC) has reportedly accused Fortnite developer Epic Games of leading gamers to make “unwanted purchases” by carrying out tactics through its game button configuration. “For example, players could be charged while attempting to wake the game from sleep mode, while the game was in a loading screen, or by pressing an adjacent button while attempting simply to preview an item,” the press release from the FTC read. It had also been brought to light that Epic Games had allowed minors to accumulate charges without parental approval and blocked gamers who filed disputes of unauthorized charges, preventing them from obtaining items they had purchased. For these reasons, the company received an order from the FTC to refund players in December 2022 who had been subjected to these “unlawful billing practices.” The...
Direct payouts from the Biden administration will be allocated to Black farmers who have faced discrimination. ABC News reports Black farmers acknowledge that they have been discriminated against by the U.S. Department of Agriculture (USDA) when it comes to loans. The outlet notes many had been denied loans or received loans that were less than their white counterparts. Some that did receive loans had even reported having their property foreclosed on sooner than was typical when they experienced issues paying. Denial was the case for Wardell Carter, whose family has owned 85 acres of land in Mississippi since 1939. Yet despite their longevity, they have never been able to access a loan application. Instead, they were greeted by USDA loan officers with a slammed door, and if they persisted they were faced with the reality of having a cop called to their home, he says. Due to these challenges, it prevented the family from purchasing a tractor for years. So, they had to rely on a horse...
As Americans race toward yet another nail-biter of a presidential election , things like inflation and cost of living continue to rise at a seemingly untenable rate. Many people have been forced to cut back on necessities, pay bills late or even resort to living in cars and tents to try to survive this stifling economic climate. After only a few short years, it seems as though the YOLO economy has officially come to an end. For those not in the loop, the YOLO economy was a period of prosperity borne of the COVID-19 pandemic , which allowed many Americans to spend with reckless abandon for a few short years. Now that the era of YOLO seems to be going the way of the dodo bird, it seems like as good a time as any to examine what the economic system entailed, where the term comes from, and why financial trends have shifted the landscape in the way that they have. Without any further preamble, let’s unpack the history of the YOLO years, and see if we can predict what comes next for those...
Musicians behind the scenes are the glue that keeps the industry running, but are often not as supported as their counterparts. With the pandemic’s lasting effects on the music business on not just mainstream artists but all fronts, Sony Music Publishing is backing the unsung heroes. Billboard reports that the top global music publisher has partnered with the 100 Percenters — a music-creatives advocacy nonprofit — to financially support U.S. songwriters, composers, and producers through donating $100,000 for relief grants. View this post on Instagram A post shared by Tiffany Red (@iamtiffanyred) Under the new collaboration and its Songwriter Stimulus Program, the nonprofit will award $2,500 stimulus checks to qualifying songwriters. The 100 Percenters will also help music creators with emergency grants. The Songwriter Stimulus program and Emergency Fund will both launch later this year. The 100 Percenters especially champions BIPOC and marginalized songwriters, composers and...
Justice for Black farmers! Following the $4 billion debt relief for Black farmers, The New York Times reports that banks are fighting back noting that quick repayments will cut into profits. The institutions are complaining that the government’s initiative to pay off the loans of those Black farmers who have faced decades of financial discrimination will not only hurt investors but cut into the bank’s profits. In March, Congress passed a $1.9 trillion stimulus package which includes the debt relief for the Black farmers and is intended to make things right for years of discrimination faced by all nonwhite farmers. Today, no money still has been received by those farmers. Aside from the drama with the banks, white farmers sued the U.S.D.A over the initiative claiming that they are victims of reverse discrimination. Now, three of the largest banking groups involved in the settlement have formed their own fight against the money that is rightfully owed to Black farmers. The American...