Without a question, 2022 was a challenging year for citizens all around the United States of America. A cost of the living issue resulted from the pandemic-related mandatory lockdowns that lasted for two years, reinforced by the sanctions placed on Russian oil supplies. Residents were still depending on a variety of state implemented welfare measures, either in the form of stimulus payments or tax rebates, even though the Federal Reserve had progressively raised interest rates to stifle the quickly rising inflation rate.
In April 2020, the government began giving eligible tax-paying adults stimulus payouts of up to $1,200. A second batch of payments of up to $600 was then sent from December 2020 to January 2021. President Biden took office shortly after the second wave of stimulus checks and introduced his American Rescue Plan, which offered qualified taxpayers a check of up to $1,400. More stimulus or inflation relief payments are supported by 62% of Americans in 2023, according to a recent GOBankingRates poll.
Stimulus Check 2023
However, the Internal Revenue Service (IRS) has announced that they would cease issuing stimulus checks as of 2023, which means that Americans throughout the nation should prepare for a challenging fiscal year. The IRS stated on November 22, 2022, discussing the effects of the lack of stimulus payments on the current tax year, as individuals were beginning to worry about what assistance could be forthcoming to them for 2023. According to the memo, refunds might be less in 2023. As there were no Economic Impact Payments for 2022, taxpayers will not get an additional stimulus payout with their 2023 tax return.
Decrease In Tax Return
According to the IRS advisory, residents shouldn’t rely on tax refunds to help them buy essentials like groceries. After COVID-19, families won’t have access to the additional benefits of welfare programs like the parent/Child Tax Credit that was available in 2021, and the lack of stimulus payments will continue to be an issue. Last year at this time, those who hadn’t previously claimed such benefits may do so while completing their tax returns, but things won’t be the same this year reports MARCA.
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