Dont Wait For A 4th Stimulus Check To Take Control Of Your Money
Getting your hands on some extra cash when youre in a tough spot can feel like a breath of fresh air, but dont depend on a stimulus as your money plan. Weve said it before and well say it again and again dont wait around for the government to take care of you. Its never a good bet.
And truth be told, youll be waiting around for a long time. Sure, a fourth stimulus check can help you out, but it isnt going to be your lifeline. If you really want to take control of your money, you need a proven plan that you are in charge of.
Look, stimulus checks will only keep you afloat for so long. But knowing how to budget, save and manage your money long term will help you go from just survivingto thriving. And we know just the thing to get you there.
When you budget with EveryDollar, you’re more likely to stay on top of your spending and make progress toward your money goals. Get your money working for you and start creating the life you wantwithout waiting on the government. Start budgeting for free with EveryDollar today!
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Hawaii: $300 Rebate Payments
In January, Gov. David Ige proposed sending a tax rebate to every Hawaii taxpayer. Taxpayers earning less than $100,000 per year would receive $300, and those earning more than $100,000 per year would receive $100. Dependents are eligible for the rebate, too.
The Hawaii legislature has approved the rebate, but details for distribution havent been released. Payments may begin processing in late August, per the state Department of Taxation.
Is This A New Grant Program Can I Complete An Application And Get Another Grant Payment
No. Under legislation signed into law May 24, 2021, individuals who missed the original deadline may be eligible to receive the $335 grant payment. Importantly, individuals who have already received the grant payment DO NOT qualify for additional grant payment. The application period for the Extra Credit Grant applications closed on July 1, 2021. The Department has issued all checks to eligible individuals. If you have not yet received a check or denial letter, please contact the Department at 1-877-252-4983.
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Gas Stimulus: How Does This $200 Tax Rebate Would Work
Law makers in North Carolina proposed a 200 dollar payment to reduce the burden on increasing gas prices
With the price of gas increasing in the United States, several states are introducing measures to reduce the burden on its citizens. A recent gas-tax holiday came into effect in New York state, while a direct payment plan was approved in Maine.
The latest state proposing a monetary rebate is North Carolina with the state’s Democrats pushing their GOP colleagues to introduce such a measure.
“We want to put more money in their pockets now,” Senate Democratic Leader Dan Blue said.
However, the Republican party in the state are pushing for a longer-term tax cut rather than a one-time payment.
How Have Americans Spent Their Stimulus Checks
There have been threecount themthree wide-reaching stimulus checks from the government since the pandemic hit. And now that a good chunk of time has gone by since they dished out the first one, were starting to see how people spent that money. Our State of Personal Finance study found that of those who got a stimulus check:
- 41% used it to pay for necessities like food and bills
- 38% saved the money
- 11% spent it on things not considered necessities
- 5% invested the money
And on top of that, heres some good news: Data from the Census Bureau shows that food shortages went down by 40% and financial instability shrank by 45% after the last two stimulus checks.25 Thats a big deal. But the question here isif people are in a better spot now, will they be more likely to manage their money to make sure things stay that way?
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Extra Credit Grant Program Extended
The application period for the Extra Credit Grant applications closed on July 1, 2021. The Department has issued all checks to eligible individuals. If you have not yet received a check or denial letter, please contact the Department at 1-877-252-4983.
The Extra Credit Grant program was established by law in 2020 to use funds from the Coronavirus Relief Fund to help families with qualifying children in North Carolina by providing economic support to assist with virtual schooling and child-care costs during the COVID-19 pandemic.
Under legislation signed into law May 24, 2021, individuals who missed the original Extra Credit grant deadline may be eligible to receive the $335 grant payment.
The new law extending the Extra Credit Grant program through July 1, 2021 only applies to eligible individuals who have NOT received the $335 grant. If you have already received the $335 grant, you are not eligible under the new law.
Th Stimulus Checks Given Out To Teachers
For other states, their fourth stimulus checks are taking on a new lookas teacher bonuses! Its no secret that teachers are the unsung heroes of our communities, and theyve been put through the wringer during the pandemic. To show them the appreciation that they more than deserve, some states are giving teachers a fourth stimulus.
In Florida, teachers will be getting a $1,000 bonusalthough some of the details of who qualifies are up in the air. If youre a teacher in the Sunshine State, check with your district to see if you can get in on this.15
Georgia is extending the $1,000 bonus to both full-time teachers and administrators. Part-time teachers will still score a bonus of $500, and theres even a plan in place to give a bonus to pre-K teachers.16
Earlier in 2021, Michigan used a grant to pay bonuses of $500 to its teachers and $250 to school support staff. No word yet on whether theyll give out another bonus, though.17
Our very own Tennessee is giving full-time teachers $1,000 and part-time teachers $500 to thank them for their hard work.18
Now, nothing has happened statewide yet, but some districts in the Lone Star State are giving out their own bonuses. Districts are gifting things like 24% raises, a $500 bonus, and even a $2,000 incentive for some teachers to return to the classroom.19
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States In The Country Have Planned For Stimulus Check Payments
Also, those who are employed in the line of public safety, dispatch, custodial, or any form of rubbish collection would also be eligible for a sum of $500 more- which brings it to a total of $1,000 for quite a few workers in the city. Even in the state of Colorado, the stimulus payments of $800 will be issued to most of the families who previously filed their tax returns for the state by the 31st of May. The cashback will help an estimated 3.1 million residents of Colorado, as announced by Governor Jared Polis on the 25th of April.
In the state of North Carolina, inflation remains quite a large concern with many wondering if the Governor of the state will be adding stimulus check payments to the budget. The state already has a surplus of $6.2 billion, with Roy Coopers budget planning to invest in most of the businesses, communities, and North Carolina families.
Connecticut would be seeing a tax rebate of $250. The budget bill of Connecticut was recently put into law by Governor Ned Lamont- which also included $600 million worth of tax cuts and rebates in place of direct stimulus checks.
How Do I Determine If My Child Is A Qualifying Child
In order to be eligible for the grant, your child had to be a qualifying child for purposes of the federal child tax credit for tax year 2019. In general, a child qualifies you for the federal child tax credit if the child meets all of the following conditions:
For more information, see Internal Revenue Code Section 24 or federal Publication 972, Child tax Credit and Credit for Other Dependent. The Internal Revenue Service also provides an Interactive Tax Assistant tool Is My Child a Qualifying Child for the Child Tax Credit? This interactive tool may help you determine if your child is a qualifying child for purposes of the federal child tax credit for tax year 2019
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Stimulus Check Update: Americans To Receive A Sum Of $1000
Some workers in America will be in line to receive a stimulus check payment due to working through the pandemic. The city of Georgia has already started rewarding its city employees who worked their jobs during the pandemic and were also at the highest possible risk of contracting the virus.
This was reported by the Kennebec Journal which stated that the city had earmarked a sum of $163,000 from the $1 million that it had received from the American Rescue Act for this initiative. Most of the full-time city workers will be qualifying for a bonus of $500, while part-timers have been set to receive a payment of $250 under this new plan.
Why State Leaders From Both Parties Are Cutting Taxes
Blue-state leaders favor more targeted or temporary measures.
Fundamentally, injecting more dollars into an economy where supply is already struggling to keep up with demand simply boosts inflation, said Jared Walczak, vice president of state projects with the Center for State Tax Policy at the Tax Foundation, a Washington, D.C., think tank.
Politically, however, lawmakers are under pressure to help people squeezed by rising prices, particularly in an election year. And many states are dealing with record surpluses. In some states, theres so much additional money coming in that policy makers are required by law to return it.
Thats the case in Colorado and Hawaii, where constitutional amendments dating to 1992 and 1978, respectively, limit the growth of state spending. In Indiana, a 2011 law triggered $125 refunds this year, and a 1986 law may trigger tax refunds in Massachusetts.
Some lawmakers also say returning excess tax dollars is the right thing to do.
Indiana, for instance, has $6.1 billion in general fund reserves, triple the usual amount. In addition to the required $125 refunds, state leaders this month approved additional $200 checks for both taxpayers and retirees who rely on Social Security.
We are giving peoples money back to them, said state Rep. Tim Brown, a Republican who chairs the House Committee on Ways and Means. We have a reserve balance that is above what we think we need to run state government.
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Stimulus Checks From North Carolina: Gov Cooper Reveals His Plans For $62b Surplus
Governors of several states have proposed stimulus benefits for residents in their budget proposals following a record budget surplus. North Carolina Gov. Roy Cooper also recently proposed benefits for residents in his budget proposal. Coopers proposal includes sending one-time stimulus checks from North Carolina to workers and teachers. Along with sending one-time bonuses, Coopers proposal addresses education inequities, affordable housing, worker retention and more.
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The Details Of The State Stimulus Check
The grant would give $250 to $500 to the families. The low-income groups will receive the maximum amount. This was stated in a press release on Wednesday on the website of the Governor of North Carolina.
As per the proposal, an individual stands to get $500 if their earnings are $15,000 or below a year. The same goes for couples who file jointly and earn $30,000 or below.
Individuals earning above $15,000 and under $30,000 would get $250. For couples filing jointly, the corresponding figures are $30,000 and $60,000.
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Stimulus Check Update: Will North Carolina Offer Their Own Stimulus Payment
If Gov. Roy Cooper has his way, North Carolina would become the newest state to send out coronavirus stimulus checks to its residents.
Cooper has proposed disbursing these checks that would be from the states share of funds from President Joe Bidens $1.9 trillion American Rescue Plan. He is seeking to tap into $250 million of the $5.7 billion allotted to the state to further financially assist low- and middle-income families.
Under the plan, married couples filing jointly with incomes up to $30,000 would receive $500, while couples making between $30,000 and $60,000 would net $250.
Moreover, individuals earning up to $15,000 would get a $500 payment, while those making between $15,000 and $30,000 would receive $250.
We decided we would propose an income limit because we need to try to get the money to the families that need it most, and plus it can make that payment to those families larger, Cooper said, per WNCN.
The governor has dubbed his proposal Extra Credit Grants 2.0, acknowledging that he wanted to continue the program Republicans in the General Assembly approved last year, when they approved $335 checks for families with children.
This is a good idea put forth by the legislature. It has helped a lot of families, Cooper said.
We included this in our proposal because of the input we got from a number of legislators that they would like to continue it, he added.
I Filed My 2019 North Carolina Individual Income Tax Return I Did Not Report A Qualifying Child On Line 10a Even Though I Had A Qualifying Children For Whom I Was Allowed A Federal Child Tax Credit On My 2019 Federal Return Am I Eligible To Receive The Grant Payment
Yes, you are still eligible. To receive the grant payment you must complete one of the following options:
- Complete Part 1 and Part 3 of Form NC-1105, Application for Extra Credit Grant Program or
- Have a POA or Paid Tax Preparer complete Part 1 and Part 3 of Form NC-1105, Application for Extra Credit Grant Program or
- File an amended 2019 State individual income tax return, correcting line 10a
Whichever option you choose, the application or the amended return must be completed and submitted to the Department on or before July 1, 2021.
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Your Check’s In The Mail: States Give Tax Refunds To Cushion Inflation
DENVER This month, Colorado taxpayers began receiving refunds from the state government. Joint filers got $1,500, and single filers got $750. Enclosed was a letter from Democratic Gov. Jared Polis, who noted that the checks required under the state constitution were being mailed ahead of schedule, due to a law passed this session, to help people cope with rising prices.
At a time when inflation is causing increases in the cost of everyday items, we are committed to getting this money to you as quickly as possible, Polis wrote.
Taxpayers in over a dozen states are getting refunds this year, as both Republican and Democratic state leaders seek to spend down budget surpluses and help residents cope with inflation. Although some of the refunds are required by decades-old laws that limit the growth of state spending, as in Colorado, governors are still touting those refunds as inflation relief.
But while the checks will help individual taxpayers, economists point out that if too many states send out too much money, the refunds could potentially make inflation worse.
Its not a great economic policy, said Kyle Anderson, a business economics professor at the Indiana University Kelley School of Business. No economist would say, What we really need to be doing are stimulus checks right now, especially when unemployment is extremely low.
Why Is Massachusetts Giving Residents $500
Although the short-term economic pressures that necessitated the federal stimulus checks have eased, the financial consequences of the pandemic are still being felt keenly. As the US economy has opened up over the past year, the flow of money back into the stagnating economy has caused it to overheat, pushing up prices across the board.
Obviously with inflation rate, its not going to last very long, but it might help with your gas bills and some of the incidentals that are racking up now, Rogers said of the new $500 payments.
Today Massachusetts announced that they are sending out a second round of $500 stimulus checksThis makes the 15th state to create its own stimulus program after the Federal stimulus programs stoppedRead the details about all 15 states here:
Duke Alexander Moore, CTC, EA
Nation-wide, the annual inflation rate in the US was recorded at 8.3% for the year ending April 2022. This has made a huge difference to household budgets and threatens to push more families into poverty unless wages begin to grow at a similar rate.
Even if you have a job, your salary might go up four or five percent, which sounds great, but inflation is at eight -and-a-half percent and youre not really making any progress and thats just very debilitating to people, Rogers added.
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