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6 Ways to Spend Your Stimulus Responsibly

6 Ways to Spend Your Stimulus Responsibly

Have you received your COVID-19 stimulus payment or are you expecting it soon? Have you started thinking about how you would spend it? It’s tempting to think about all of the ways you could spend an extra $1,200 or $2,400 – depending your filing status and the number of dependents you claim. Before you get that list finalized, we want to give you some tips to help your money stretch as far as possible. 1. Prioritize. Look at your bills. What are essential – rent or mortgage, car payment, utilities – and what bills are non-essential – entertainment, streaming services, unusable memberships? Make a list of what you need and what you can live without. Focus on paying the essential bills first. 2. Save. Save. Save. Don’t miss an opportunity to pad your savings account with some of your stimulus money. It’s a one-time payment so think of your stimulus as a mini emergency fund. You may want to set aside some of the payment as “in case” money. 3. Divide and conquer. You only get one stimulus payment, but your bills will still come monthly. If you’re currently unemployed, it’s especially important to be strategic in how you spend your stimulus payment. Take this opportunity to divide it up into smaller chunks to help cover some of the essential bills you pay each month. Also, talk to your landlord or mortgage lender, your utility company and internet service provider if you’re having trouble meeting your monthly obligations. A lot of companies are finding ways to help their customers during this unprecedented situation. 4. Don’t hoard cash. Hoarding cash...
Stimulus Payments Are On The Way

Stimulus Payments Are On The Way

Economic Impact payments are on their way, and most Americans have already received their money. But, what does it mean for you if you haven’t? Where is my stimulus check? The IRS began sending out stimulus payments in April. But if you haven’t received yours yet, there’s no reason to panic. Retirees, senior citizens, and taxpayers who filed income taxes in 2018 and 2019 and included direct deposit information were the first groups to receive their payments. If you’re not in one of those categories, you’ll still receive a payment, but it’ll arrive by mail instead of being directly deposited into your checking or savings account. Taxpayers who didn’t include direct deposit information will receive a paper check sometime in May. The IRS does a feature on its website that will allow taxpayers to provide direct deposit information if their check hasn’t yet been mailed. However, the feature isn’t slated to be up and running until mid-April. What you need to know about payments Most taxpayers are eligible to receive a stimulus payment. The payments are automatic, and no further action is needed to receive the payment. The amount, however, will vary based on filing status, the number of dependents and adjusted gross income (AGI). Individuals or head of household filers will receive $1,200, while married taxpayers filing jointly (if they aren’t a dependent of another taxpayer) will receive $2,400. Taxpayers will receive up to $500 per dependent claimed on their federal tax returns in 2018 and 2019. Stimulus payments are based on the AGI claimed by the filer. Taxpayers will receive the amounts listed above if they have a work-eligible...
What You Should Know About The Stimulus Checks

What You Should Know About The Stimulus Checks

President Donald Trump has signed a $2 trillion economic relief plan set to provide aid to millions of Americans impacted by the COVID-19 (Coronavirus) pandemic. The package includes stimulus payments for individuals, additional unemployment coverage, student loan relief, and more. But, what does that mean for you? Stimulus Payments Most adults will receive a check or direct deposit. The amount will vary based on adjusted gross income, filing status, and the number of dependents you claim. The amounts will break down as follows: Single adults who made $75,000 or less annually will receive $1,200. If you have qualifying children 16 or under, you will receive an additional $500 per child. Married couples with no children who made $150,000 or less will receive $2,400. Taxpayers who file as the head of household will get the full payment if they earned $112,500 or less. For single adults who make more than $75,000, the payment gradually decreases until it stops all together at $99,000. For married people with no children who make more than $150,000, the stimulus payment gradually decreases until it stops all together at $198,000. If someone claims you as a dependent – even as an adult – you will not be eligible for a relief payment. To see your adjusted gross income, look at Line 8B on your 2019 1040 federal tax return. Most people will receive their payments within three weeks. However, according to the bill, you’ll receive a paper notice in the mail a few weeks after your payment has been distributed. That notice will also contain information about where the payment ended up and in what...