There ARE several new ways Americans can get some extra cash in the days to come.
Whether you’re a retiree or a working American, your bank account may be getting a boost starting this week.
Here’s a breakdown of the big money changes coming in the next seven days.
1. Social Security
The final January batch of Social Security cost-of-living adjustment (COLA) checks will be mailed to claimants on Wednesday, January 26.
This will apply to those with birthdays between the 21st and 31st.
Thanks to a 5.9% COLA, the average claimant will receive $1,657 per month, or an additional $92.
See the full schedule for paying Social Security benefits in 2022.
2. City Guaranteed Income Program Applications
Currently, several cities and states are experimenting with Universal Basic Income (UBI) programs across the country.
Beginning Monday, January 31, single mothers in Birmingham, Alabama can begin requesting monthly payments of $375, which will recur for one consecutive year.
There will be 110 Birmingham residents who will be chosen.
Any head of household who identifies as female and who cares for at least one child under the age of 18 can apply.
Once applications are open, the city will only accept them until February 7.
3. W-2 Forms
If you haven’t already received it, working Americans can expect to receive their W-2 form from their employers soon.
This document contains key information about taxes and your earnings with your employer.
This will help you determine your overall refund, assuming you overpaid taxes last year.
Due to a law passed in 2015, employers must file copies of forms W-2 and W-3 with the Social Security Administration by January 31.
4. Tax return
Speaking of tax returns, Americans can now start filing them in 2022.
The IRS began accepting 2021 tax returns yesterday, January 24.
The amount you can get back on your tax return will depend on a few factors, including your income and deductions.
In 2021, Americans received an average of $2,775 in tax refunds, an increase of 11% from the previous year, according to the Internal Revenue Service (IRS).
Taxpayers can earn up to $22,503 from the IRS this year thanks to important policy changes in 2021.
5. Salary hike
In addition, tens of thousands of workers will receive a large wage increase in the coming days.
This is a result of President Joe Biden’s executive order that he signed in April 2021 that raises the minimum wage for federal workers from $10.95 to $15 an hour.
While most federal workers already make $15 an hour, another 70,000 will now get the pay raise.
Most of the federal employees who qualify for the raise are defense contractors.
The salary increase will take effect on Sunday, January 30.
Tax expert Ahad Ali shared 12 tips for The Sun on how to best prepare for this tax filing season.
To find out your tax refund this year, check out the top calculators.
Plus, we reveal some key dates to keep in mind this tax season.
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