It’s Your Money – Jan. 19 2021

Business

(WETM) – In today’s “It’s Your Money”, we discuss Gov. Andrew Cuomo’s executive budget for the 2022 fiscal year, the IRS asking to file your taxes online, stimulus check scams, and the Mega Millions jackpot.

Cuomo’s Executive Budget

During Gov. Cuomo’s State of the State address, he mentioned how New York is looking at a $15 billion budget gap from COVID-19 related expenses, including a loss in sales tax revenue.

Governor Cuomo said he wants to legalize recreational marijuana and online sports betting to increase tax revenue. However, he said how they would not be enough to make up for the budget shortfall.

Gov. Cuomo said New York has been funding other states and paying federal tax dollars to subsidize their lower rates and cost of living.

IRS asks to file taxes online

The IRS is asking people to file their taxes online.

The agency is still facing a backlog of nearly seven million unprocessed paper returns from last year.

The delay means some people still won’t see their tax credits until March, but the IRS will pay you between 3% – 5% interest.

However, it does expect nine out of ten e-filers to get their refund within three weeks.

Stimulus check scam

Some people are reporting that they have received a text message to access their stimulus check benefits.

The message tells you to click on a link, but if you do so it lets scammers download malware on your phone.

Mega Millions jackpot grows

Now in rarified territory, an estimated $865 million jackpot is being offered. It is the second-largest jackpot in the game’s history and the third-largest prize in American lottery history.

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