July 7, 2020

Optima Tax Relief provides assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you qualify for tax relief, contact us for a free consultation.

Discussions of a second stimulus check have been ramping up in order to provide additional relief for taxpayers during the coronavirus pandemic. President Trump has even voiced his support for another round of checks ever since the announcement of a recession and record high unemployment rates were released. 

Even if another stimulus check is passed, Americans will most likely not know until the end of July. In addition to this, the stimulus check will not cover most monthly household expenses meaning that you could be left to handle the rest of your bills on your own. It is important for taxpayers to avoid relying on receiving a stimulus check and to create a backup plan in order to avoid any financial struggles during the ongoing pandemic. 

  1. Review your spending habits. Most people tend to pay for services that could be considered a luxury rather than a necessity. Taxpayers should review their monthly expenses several times a year in order to ensure that they are not spending excessively on food, shopping, cable, or anything else that may be considered frivolous. It is also advised that you start reviewing what your necessary expenses are every month in order to determine what your disposable income is. 
  2. Reduce your debt. A lot of the time we may not realize how much we spend on a monthly and weekly basis. Make sure that you look at the amount of debt that you are accruing on a monthly basis as well as your total overall debt. Focus on lowering your overall debt and creating a budget for yourself in order to stay within your financial means.
  3. Look for ways to earn more. With such a high number of Americans going on unemployment, it may seem odd that there are companies that are still hiring. Luckily, there are tools available for people to use when looking to make some side cash, and many job websites offer job listings for temporary or remote work. Even places like Uber or Lyft are constantly hiring people, letting you choose your own hours and work when it’s convenient for you.
  4. Put extra money on the side. Although this may seem like an obvious solution, it can be difficult to do, especially during these difficult times. It’s never too late to start saving and putting money aside every paycheck. Ideally, you should have at least six months’ worth of living expenses saved up in order to have some cushion room just in case of an emergency. 

If you need tax help, contact us for a free consultation.