Money

Grandparents, foster parents or people caring for siblings or other relatives should check their eligibility to receive the 2021 child tax credit. People who claim at least one child as their dependent may not realize they could be eligible to benefit from the child tax credit. Eligible taxpayers who received advance child tax credit payments last year should file a 2021 tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance child tax credit payments last year can claim the full credit by filing a 2021 tax return. COVID Tax Tip 2022-165: Grandparents and others with eligible dependents shouldn’t miss out on the 2021 child tax credit. Internal Revenue Service (IRS) sent this bulletin at 10/27/2022 10:39 AM EDT IRS Tax Tips October 27, 2022… more »

"Academic research and agency experience suggest the following fees and fee practices fall within this category: Mandatory fees that often hide the full price. Some sellers publish a low price and then add mandatory fees later, at the “back-end” of the buying process or when a consumer tries to terminate the service... As the research shows, by hiding the full price, this practice can lead consumers to pay more than they would otherwise, and it also makes it hard for consumers to comparison shop... An example is the “service fees” added to the cost of a ticket to a concert or sporting event. more »

"In recent decades, income and wealth disparities have been increasing among older Americans and exceed those in Canada, Germany, and the United Kingdom. We found: In 2007, older Americans in a typical low-income household needed to work 12 years to equal what a typical high-income older household earned in 1 year; there were similar gaps in Germany, where they'd need to work 6 years, and 10 years in the U.K. Higher income and wealth were associated with living longer in the U.S. and the U.K. for those under 80 years old." more »

“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said. To view a COLA message from Acting Commissioner Kijakazi, please visit www.youtube.com/watch?v=Vgm5q4YT1AM. The Social Security Act provides for how the COLA is calculated. To read more, please visit www.ssa.gov/cola. more »