Loan benefits

U.S. Finance Update: Rent Assistance, Student Tax Benefits, COLA 2023 Announcement…

Jdays of stimulus checks in the United States may have come to an end, but a range of programs and initiatives are on offer to help citizens combat cost of living crisis caused by the Covid-19 pandemic. Help is available for anyone concerned pay their rent or utilitiesas well as anyone receiving a helping hand with the cost of going to collegewhile there are also news on the Increase in COLA for 2023.

There are a number of ways you can get help, and in this live blog we’ll keep you up to date with the latest financial news from USA.

Could the Ethereum update increase its value?

After a green week in the cryptocurrency market, Bitcoin won back $40,000 while EthereumCryptocurrency Ether (ETH) tried (but failed) to break $3,000 per unit again.

The long-awaited “meltdown” update that precedes the arrival of Ethereum 2.0, seems to be getting closer and closer. While ETH rose significantly during the week, ETC rose again: 50.51% and its price ended up closing at $38.17 per coin.

Ethereum.RT

You can read more about Ethereum here

Who is eligible and how do I claim a $2,500 student loan deduction?

Taxpayers who make payments on a student loan may get some relief if the loan they took out was only used to pay higher education fees.

In many cases, the interest portion of your student loan payments during the tax year is tax deductible. Your tax deduction is limited to interest up to $2,500 or the amount of interest you actually pay, The smallest. As with most tax credits and deductions, limits are set.

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Student loan interest deduction.Unsplash

You can learn more about the student loan deduction here

Why are gas prices higher in states like California?

After the price of gasoline nationwide hit a record high of $4.33 on March 11, there was a decline of $4.25 per gallon.

However, in California the price of gasoline continues to rise and last Monday it hit a price of $5.84 a gallon after rising another penny, nearly 10 cents from a year ago. one week.

Following Russia’s invasion of Ukraine in late February, the world price of crude oil soared, dropping $20. However, the arrival of spring has a direct influence on the rise in gas prices.

But the case of California (including Oregon and Washington) is different, as there are other reasons why they have the most expensive gas prices in the country.

You can read more about gas prices in California here

Some stimulus payments may need to be refunded

One way to help people cope with the complicated economic situation generated by the Covid-19 coronavirus pandemic has been the three aid checks granted by the government in recent months.

However, due to some errors in beneficiary selection, many people will be forced to return the money to the Tax Agency.

It varies from having received too much money by mistake or receiving an extra check by mistake.

You can read more here about who has to reimburse the IRS.

How to be more gas efficient despite soaring prices

The war in Europe partly caused oil prices and therefore gasoline prices to rise, but there are several ways car owners can become more fuel efficient.

Among the tips recommended to avoid excessive gas consumption are smooth acceleration and braking while respecting the speed limit, even on the highway, because the faster a car travels, the more fuel it will consume.

Try to reduce the use of air conditioning as much as possible and only turn it on when the temperature exceeds 80 degrees, is another advice that is reflected when paying the bill at gas stations.

You can read more about gas saving tips here.

How to get rental assistance

There are millions of people in the United States who have had problems when it comes to paying their rent or utilitiesthe COVID-19 pandemic exacerbating the pre-existing problems that existed in the country.

the Emergency Rental Assistance Program has been brought in to try and give a boost to citizens who need help the most, with $25 billion made available under the Scheme CRE1while the Scheme CRE2 has set aside $21.55 billion.

You can find out more here at get rental assistance.

Can students get tax relief in 2022?

Going to college in the United States has never been more expensive than it is today, with the average student in the state expected to spend $27,650 about tuition, fees, their room and board.

There are two main options that students tend to choose when it comes to getting help paying this amount, as there is the US Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). Both offer certain advantages, but the AOTC is the most common option that is selected.

You can find out more here about the tax reduction for students in 2022.

When will COLA 2023 be announced?

Rising inflation around the world is causing problems for many countries, and the United States is no exception. When citizens start monitoring how much they spend, it will have an impact on how much Social Security Beneficiaries receive as part of cost of living adjustment (COLA).

While there was a A 40-year high of 5.9% for COLA in 2022it is expected to go down to 4.1% in 2023. There might be changes before it is announced by the Social Security Administration (ASS) in October, however.

Learn more here about the COLA increase 2023.