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IRS, Child Tax Credit, Social Security finance updates for this week

The American financial realm has a lot going on right now with tax deadlines from the IRS approaching and Social Security payments going out.

cash Americans can see from the IRS, social security, and child tax credit

Here, you can find answers to your pressing questions regarding things like Social Security and tax related questions.

As tax season comes to a close, there are is a lot of information going around.


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2022 IRS tax deadline

The deadline for 2022 in April 18.

This means you must have your taxes filed or request an extension by this point.

Over 62 million tax returns have been processed.

To see your refund quickly, file your tax return as soon as you can.

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Stimulus: Why you’d need to pay back stimulus cash

Child Tax Credit

The child tax credit payments parents saw in 2021 abruptly ended in 2021 when the end of the year arrived.

The goal was to extend it through 2022, but legislation did not pass.

The credit has reverted back to $2,000 unless changes are made.

If you find out you owed the IRS less than the tax credit amount, you could see up to $1,400 per child this year.

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Social Security

Inflation in 2021 caused the COLA to increase by 5.9%.

This boosted Social Security checks to an average of $1,657 per month.

You can always boost your potential benefits by working more early on in your life to increase your yearly income.

If you delay benefits until the age of 70 they can grow by 8% each year between your full retirement age and then.

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