Will you get a stimulus check in 2023? Let’s find out!

Since the beginning of the year, inflation has skyrocketed, causing Americans to make severe budget cuts. Things are pretty bad, and we’re actually victims of some of the biggest inflation our nation has ever faced, which is exactly why many people have stopped allocating funds for entertainment.

People realized that they needed to make some serious changes in their day-to-day lives so that they could have enough money and not spend on things that didn’t necessarily count as necessities.

Some of them decided to stop paying for their little indulgences like streaming services, women stopped getting their nails done, and other people said buying coffee at a shop is not something they actually have to do daily. The sad thing is that others, unfortunately, had to drastically reduce their spending on necessities like food and medicine.

The government has not been able to effectively combat inflation, at least for the moment, but as different sources say, they’re doing everything they can. Moreover, the Federal Reserve expected that a string of significant interest rate rises would help minimize it, but so far, such efforts have not paid off.

Unfortunately, the situation hasn’t improved since there have been no stimulus checks from the federal government this year. The American Rescue Plan, which was authorized by Congress in March of last year, allowed many people to receive $1,400 in stimulus payments.

While for some that amount of money might not seem much, for others it was a real help since they had more money to pay their bills and supply the household with essential things like food and medicine.

Moreover, the Child Tax Credit also received a significant increase in 2021, with a higher maximum value and the option for monthly installment payments in the months of July through December.

However, federal stimulus money was not authorized by legislators this year for a major reason: the robust state of the job market. Some people say that another round of stimulus checks this year would make inflation worse but we don’t know what to think about it.

In 2022, while the federal government has yet to distribute stimulus checks, several individual states have stepped in to help their citizens in need, and we’re happy they decided to do so.

Will this still be the case in the year 2023? Click on the next page to find out! Stimulus checks might be coming!

Stimulus checks

A handful of states were able to offer stimulus payments this year because of budget surpluses. You can find out more about this subject here: These 18 States Are Sending Out Stimulus Checks Now!

But in 2023, we can’t be sure that all states will be in the same situation, even though most of us would really like that.

Furthermore, if the states of our beautiful country do not accumulate surpluses, there will be no funds available for redistribution to citizens. In addition to that, even if states have surplus funds this year, they might decide to reallocate those funds in a different way the next year, especially if inflation rates begin to decline. So what is there left to do? Click on the next page to find out!

Anyhow, in some cases, governments are required to give citizens extra money instead of putting it back into important services like education and infrastructure.

Therefore, if those states do end up having additional money, people living there might look forward to another paycheck. Yey, that’s exactly what we wish for! Don’t get your hopes too high, because whether or not conditions will continue distributing stimulus checks is an open question, but don’t worry, when we find out for sure, we’ll let you know.

…What does the Internal Revenue Service (IRS) have to say about this? Read along with us to discover all the info you need to know! But here’s a hint: start saving money!

Stimulus checks in 2023

Should we rule out the possibility of receiving government stimulus checks in 2023? Some people say that there’s no chance we’ll receive extra money from the government, while others keep hoping we will.

Let’s not be pessimistic, because that’s not necessary at all. But as much as we try to stay positive, many analysts have predicted that a recession will begin in the first few months of the new year.

If such a situation turns out to be true, it might lead to a significant increase in unemployment rates, demanding that parliament provide stimulus funding. After all, they’ve done this before, not only in the midst of the COVID-19 pandemic but also in times of severe economic difficulty.

Of course, nobody should be rooting for it to happen. However, if the predicted economic downturn occurs, there is some good news: Americans might get another pretty bonus from the federal government, state governments, or both, if they’re lucky.

…Click on the next page to read the rest!

Speaking of recession and stimulus payments for citizens, experts say that the Federal Reserve is now attempting to restrain expenditure by raising interest rates. If a recession did occur (let’s hope it won’t), it would not be as catastrophic and stimulus checks will be less likely to be necessary if the impact is not as great.

Overall, the goal of our nation is to reduce inflation, but pumping money into the economy via stimulus checks would have the opposite effect, as a few analysts say.

There was a break in the supply chain and higher prices as a result of last year’s spending of stimulus money by consumers, which in turn was a contributing element to the overall rate of inflation.

Moreover, experts say that stimulus checks aren’t exactly necessary because people can get through hard times on their own if they know how to get their finances in check and how to stop making irrelevant purchases, such as going out every night or ordering food instead of cooking it at home.

For instance, if you keep tabs on your spending on the basics, you might be able to spot easy places to save money. It might be hard at first, but if you won’t receive a stimulus check to help you go through tough times, you’ll have to find a way to do it, and your personal finances are the place to begin doing so.

…We’re not done yet! Click on the next page to discover more about how much a stimulus check is worth!

In any case, the Internal Revenue Service has announced that it will not be issuing any more stimulus checks from its end, so people in the United States should prepare for a tough financial year ahead (if you start saving and cutting down unnecessary purchases, this won’t be an issue for you). The IRS claims taxpayers are eligible for alternative tax credits beginning in 2023.

The CTC, EIC, and CDC are just a few examples of credits whose values fluctuate from year to year. This year, more taxpayers might be eligible for the Premium Tax Credit, while the Inflation Reduction Act of 2022 has made it possible for certain drivers to claim the Clean Vehicle Credit.

By using 2022 as the index year, the CTC base amount for the child tax credit could increase to around $2,060 in 2023. The credit would be about $2,400 in 2023 if inflation was indexed using 2018 as the base year.

On or after August 16, 2022, buyers of new electric vehicles would be eligible for the Clean Vehicle Credit. Most of the time, you can only get a tax credit for electric cars that were built in the United States or Canada.

Lists of potential model year 2022 and early model year 2023 electric cars that fulfill the DOE’s final assembly criterion were released earlier this year. The IRS says that taxpayers can use the Interactive Tax Assistant on IRS.gov to find out if they qualify for any tax breaks.

…Is money a problem for you? Do you want to start saving but have no idea where to start? Say no more, because we’ve got you! We know it’s hard to keep your finances in check, but you can totally do it! Check out this article to discover some amazing tips: 10 Big Money-Saving Tricks To Use While Grocery Shopping!