tThere is no doubt that 2022 has been a challenging year for residents all over the world United States of America. Two years of forced lockdowns due to the pandemic, followed by sanctions on Russian oil imports, led to a cost-of-living crisis.
While the Federal Reserve gradually raised interest rates to stimulate the rapidly increasing rate of inflation, the population was also still dependent on a host of welfare measures implemented by the state, either through the form of stimulus checks or tax rebates.
Stimulus checks: How do payments differ between states?
However, with the year 2023 fast approaching, The Internal Revenue Service (IRS) has stated that it will not be issuing any more stimulus checks on its endwhich means that American citizens across the country should be prepared for a tough fiscal year ahead.
What did the IRS say about the 2023 stimulus checks?
As people start to wonder about the support that might come their way for 2023, the IRS sent out a bulletin on November 22, 2022, addressing the impact of the absence of stimulus checks on the current tax year.
“Refunds may be smaller in 2023,” the note said.
“Taxpayers will not get an additional stimulus payment with the 2023 tax refund because there were no 2022 Economic Impact Payments.”
What does the IRS statement mean to you?
The memo from the IRS clearly states that residents should not rely on tax rebates to help them purchase basic necessities like groceries.
With COVID-19 now firmly behind us, the absence of stimulus checks will be an issue in the future, while families also won’t enjoy the expanded benefits of welfare plans, such as the parent/child tax credit, that was available in 2021.
This time last year, those who didn’t already claim these benefits were able to do so when filing their tax returns, but it won’t be the same this time.
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