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☆ Op-ed: Biden's American Rescue Plan props up underserved communities with jobs, education
▼ + stars: | 2023-03-11 | by ( U.S. Deputy Treasury Secretary Wally Adeyemo | ) www.cnbc.com time to read: +6 min

This started with policies like the Advance Child Tax Credit, which under the Rescue Plan offered monthly payments to families and helped lift 3.5 million children out of poverty. Expanding our labor force is another area where efforts to support communities of color and other underserved communities is helping to unleash economic gains for all Americans. Last year, I visited Orlando, Florida, where the mayor took me on a tour of a workforce training center funded by the President's American Rescue Plan. The benefits of this effort will be particularly powerful in underserved communities. For too long, racism and discrimination have limited the ability of underserved communities to fully contribute to our civic and economic advancement.

Many Americans rely on their tax refund as a way to catch up on bills and other expenses. Inflation means that refunds have dropped in value, and refunds are expected to be much lower this year. Your 2022 tax refund will likely be a lot smaller than the tax refund you received in 2021. More than 129 million Americans received an average tax refund of $2,815 for their 2020 taxes. If Americans received refunds of $2,815, on average, in 2023, it would represent a $26.7 billion loss to inflation.

☆ The first Mexican American woman in Congress leaves a legislative legacy focused on children and families
▼ + stars: | 2022-10-27 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Edwin-Head-Shot-Copy.Jpg | Edwin Flores | ) www.nbcnews.com time to read: +8 min

The first Latino from California elected to Congress since 1879, he would become one of the most influential Latino politicians on Capitol Hill. “The white establishment of that time was not happy that a Latino was elected to the City Council,” Roybal-Allard said. The Dream Act has since gone through 11 variations and has been stuck in the Senate since. As the Dream Act stalled in Congress, President Barack Obama in 2012 announced the Deferred Action for Childhood Arrivals, also known as DACA, through an executive order. Asked how she wants to be remembered after her retirement at the end of this Congress in January, Roybal-Allard focused on the work.

☆ IRS erred on child tax credit payments for millions of eligible families – but aid was 98% accurate overall, report finds
▼ + stars: | 2022-09-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The IRS skipped about $3.7 billion in advance child tax credit payments for 4.1 million eligible households, but sent more than $1.1 billion to 1.5 million filers who didn't qualify in 2021, according to an audit released Tuesday by the Treasury Inspector General for Tax Administration. However, the agency accurately issued 98% of the aid, the report found, based on a review of 178.9 million total payments made between July and November 2021. More from Personal Finance:Why some have yet to access funds from expanded child tax creditMedicare standard Part B premiums will drop to $164.90 next year8 million student loan borrowers will get automatic forgivenessDescribed as a "significant undertaking" by TIGTA, the monthly payments began in July 2021, four months after being enacted through the American Rescue Plan Act in March. In an official response to the report, the IRS said it took corrective action in 2021 to block future payments to ineligible taxpayers and issued funds to millions of taxpayers who were erroneously excluded.

☆ Parents struggling with inflation: 'I left that $25 backpack for my preschooler at the checkout.'
▼ + stars: | 2022-09-04 | by ( Parija Kavilanz | Cnn Business | ) edition.cnn.com time to read: +6 min

New York (CNN Business) As Sarah Longmore finished her back-to-school shopping, the mother of five looked at a $25 backpack for her preschooler. Like Longmore, many parents — regardless of income — are finding their back-to-school dollars aren't going as far as they once did. Just 36% of parents said they would be able to pay for everything their kids need this school year, according to Morning Consult's annual back-to-school shopping report . JUST WATCHED Online shopping prices are starting to ease. Here's why that's significant Replay More Videos ... MUST WATCH Online shopping prices are starting to ease.

Quick tip: Even if you aren't required to file a tax return, you'll need to if you want to get a refund of overpaid taxes or claim refundable credits such as the earned income tax credit (EITC) or child tax credit (CTC). Requirements to file if you're a dependentPeople who are claimed as an adult or child dependent have to file a tax return in some situations. Also, if you qualify for any of the following tax credits, you should file to get your refund:Earned income tax creditChild tax credit or additional child tax creditChild and dependent care creditAmerican opportunity tax credit (partially refundable)Credit for federal tax on fuelsPremium tax creditHealth coverage tax creditRecovery rebate credit (aka economic impact payments)Credits for sick and family leaveNotes: The IRS begins issuing refunds for the child tax credit and the earned income tax credit in mid-February. Millions of Americans don't owe taxes on their income and aren't required to file a tax return because they don't earn enough money. And some taxes are certain for everyone, regardless of income, including sales taxes, excise taxes, and property taxes.

☆ Parents and lower-income Americans could get thousands more on their tax returns this year
▼ + stars: | 2022-02-10 | by ( Joseph Zeballos-Roig | Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

Families can expect to receive up to $1,800 per child starting in March from the child tax credit. Lower-income families are also eligible to get extra cash through the Earned Income Tax credit. Eligible parents will still be able to claim more money from their child tax credits. Millions of adults are also newly eligible for the Earned Income Tax Credit (EITC), a tax credit that primarily targets lower and medium-income Americans. The expanded child tax credit expired in December after negotiations over the Democrats' big spending bill fell apart.

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