In terms of stimulus payments in 2022, what do you anticipate from the government? Although the American Rescue Plan law increased the tax credit from $2,000 to $3,000 in 2021, these payments are slated to expire in that year.
So, if you have children ranging in age from 6 to 17, be prepared that money will be coming your way. The remaining tax credit payments for 2022 are most likely to come as a tax refund, so submit your taxes as soon as feasible. The IRS also offers a number of free filing alternatives, which are discussed in this article.
But What If You Don’t Have Any Children?
Do you feel trapped in this period of growing costs and inflation? The unfortunate fact is that your alternatives have become more constrained as a result of the shutdown of several initiatives. If you operate a company, though, you may have some options that are well worth investigating.
For starters, the United States Small Business Administration provides debt relief programmes. Microloans are available, as well as catastrophe and commercial loans. For further information, go to this link. It’s also a good idea to double-check that the IRS has sent you all of the money you’re entitled to. It’s quite probable that you owe money if you haven’t paid your taxes for the year 2020. This IRS tool may be able to assist you in obtaining the funds you are owed.
What Are The Options Left For The Michigan Residents?
If you live in Michigan, you may be eligible for the temporary cash assistance programme. Pregnant mothers and low-income families with minor children are eligible for this programme.
There’s also the Emergency Relief programme, which may be able to help you if you’re going through a difficult time or have an emergency that’s affecting your health or safety.