Gas Stimulus, Elon Musk, SNAP Times, Social Security and Other Live Financial Updates: April 18, 2022

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Treasury Department asks Congress for additional IRS funding

The IRS seems to be in desperate need of funding as tax season draws to a close, and they’re not afraid to say so after one of the toughest filing seasons yet.

Natasha Sarin, assistant assistant secretary for economic policy and adviser for tax policy and implementation, said the arrears are “the byproduct of chronic underfunding that has deprived the IRS of the tools it needs. it needs to serve the American people, coupled with a historic pandemic that has introduced new responsibilities alongside gigantic challenges,” in a statement from the Treasury Department April 18.

To read more about this story, click here.

$2,000 Pennsylvania stimulus checks could happen – what we know

Under the $500 million PA Opportunity program funded by the American Rescue Plan Act (ARPA), Pennsylvania households earning $80,000 or less could receive a one-time payment of up to $2,000.

However, the catch is that this money is currently wrapped in federal ARPA dollars. And if no action is taken by December 31, 2024, the funds revert to the federal government. That’s why Governor Tom Wolf asked the General Assembly to “take this money out of our coffers and into the pockets of Pennsylvanians.”

For more details on when and how that money could reach the pockets of Pennsylvanians, read on.

IRS Form 4868 lets you extend your tax filing deadline for free — but beware

Yes, you can apply for a tax filing extension that allows you to defer until October 17, 2022, but there is a catch – a filing extension is not the same as an extension to pay the taxes you must.

That’s right, even if you file an extension form, you still need to estimate your tax liability on said form and pay any amount owing by the April 18 deadline (which is today).

Get all the details on what an extension entails here.

Haven’t filed your 2021 taxes yet? These tips make it quick and easy

When you put off filing your taxes until the very last opportunity (aka Tax Day 2022), you’ll definitely want to do everything in your power to make it as easy as possible.

With that in mind, simple tips such as making sure to file electronically, double-checking your information, gathering all the appropriate documents ahead of time, and making sure to claim all stimulus and child tax credit funds (if eligible) go a long way.

Get all the details on the preparation by reading the article here.

Rivian, Tesla’s rival in electric vehicles, warns of the lack of battery

Supply chain disruptions and chip shortages led Rivian, a leading electric vehicle (EV) company and Tesla competitor, to warn investors of an impending EV battery shortage.

CEO RJ Scaringe has called building enough batteries one of the biggest hurdles the electric vehicle industry faces in growing sales from a few million to tens of millions over the next 10 years. years, because extracting, processing and building battery cells from raw materials has been a struggle.

To learn more about the current problem of electric vehicle shortages, read the full article.

Here’s where to score free (or discounted) goods on Tax Day 2022

April 18 is the last day to file your 2021 tax returns. However, if you’ve already taken care of it, why not make it a cause for celebration?

Companies across the country, including 7-Eleven, Cheesecake Factory, Office Depot, and even Planet Fitness, are offering ways to save big bucks with deals, discounts, and giveaways to commemorate Tax Day.

Check out all the latest ways to score free and discounted products here.

Expect monthly car payments of $691 as interest rates rise

March prices and interest rates indicate that the average monthly payment for new vehicles hovers around $691, AP sources say.

Plus, calculations from Cox Automotive and Moody’s show that if your median gross income falls below $66,000, you probably won’t be able to afford such regular payments.

To learn more, click here.

Food Costs: Why Does the Cost of Eggs Keep Skyrocketing?

The United States Department of Agriculture (USDA) Animal and Plant Health Inspection Service (APHIS) said nearly 30 states have been affected by the avian (bird) flu outbreak that has swept the country.

Although the CDC has said the risk to public health is low, average weekly prices for large eggs are up 44% from the same time last year due to flocks raised for their eggs having to be destroyed to prevent further propagation.

Read more about this breakup story here.

SNAP benefits delay forces 200 more DCF hires in Florida

According to WEAR ABC 3 News, the Florida Department of Children and Families recently “ran into difficulty hiring staff.” Due to staffing issues, DCF has hired 200 new staff since December to help determine eligibility.

Find out more by clicking here.

It’s Tax Day – How much do the President and Vice President pay?

Just like ordinary people, the President of the United States is subject to paying taxes on earned income, and 2021 was no exception for Joe Biden and First Lady Jill Biden. They paid $150,439 in federal income tax for their 2021 return at an effective federal tax rate of 24.6% because their adjusted gross income was $610,702.

Meanwhile, Vice President Kamala Harris and Second Gentleman Douglas Emhoff paid $523,371 on their reported federal AGI of $1.65 million, at an effective federal tax rate of 31.6%.

Of course, if you want to go into detail, you’ll have to read more.

Musk’s battle to acquire Twitter heats up – Where are we and what’s next?

As expected, Twitter has gone with the poison pill in an effort to stop Elon Musk’s hostile takeover. But will he succeed, and what comes next?

With many analysts now calling it an “MMA battle for Twitter” that will become “a high-stakes game of poker,” the question now is whether a second bidder might now enter the game. And Musk’s cryptic tweet only continues to sow confusion.

Get more details here.

Social security: how to adjust planning when the spouse is much younger

Planning for retirement, especially when it comes to your Social Security benefits, comes with a number of complications and considerations. When it comes to having a spouse who is considerably younger than you, factors such as the timing of the application, health care, and more come into play.

For the full list of what to keep in mind, click here.

Florida Residents in Need of SNAP Benefits – Here’s How to Apply

Those in need of the Supplemental Nutrition Assistance Program, which provides eligible Floridians with a resource for monthly benefits (sometimes called food stamps) can apply through Access Florida, the state’s ESS self-service portal available here.

To find out what qualifies you for Florida SNAP benefits, read on.

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