Coronavirus is having an unprecedented financial impact on the lives of people. Many have seen their income drop drastically following the coronavirus pandemic. Though the stimulus checks – promised by CARES Act – offered some relief, it still isn’t enough to keep the economic activities going. People are now waiting anxiously for new coronavirus stimulus checks, but so far, there is no information on it. Thus, many are looking for new income sources, but the present scenario does not offer much. If you are also looking for one, then you will be surprised to know that there are ways to get cash from the IRS.
Ways to get cash from the IRS
Getting cash from the IRS does not mean new coronavirus stimulus checks. Instead, there are a few ways that can help you get cash from the IRS. A report from The Motley Fool discusses these ways:
File 2019 taxes
Usually, when you file a tax return, you are liable to get a refund. If such is the case with you as well, then you should file your 2019 taxes immediately. The quicker you file the return, the sooner you will get the refund in your account. Though you still have until July 15 to file the return, it is recommended that you do it as soon as possible.
Also, it is recommended that you file the return electronically because sending it in by mail will have a longer turnaround time. Further, you should sign up for direct deposit and not a paper check, as it would also ensure that you get the money quickly. Additionally, filing your tax return could also help if new coronavirus stimulus checks are approved because they would have your most recent information.
Adjust withholding to increase paychecks
Your salary is not the only thing that determines your paycheck. The allowances you claim in W-4 determines the tax to withhold, and in turn, your paycheck amount. Your paycheck will be more if you claim more allowances as it would reduce taxes up front. Thus, it is important that you regularly review your withholding for any adjustment. Even a single adjustment or claiming one extra allowance could easily raise your paycheck.
Check previous years’ tax returns
You should check your recent tax returns to make sure you have claimed the tax breaks that you were eligible for. If you haven’t, then you have the option to file an amended tax return provided the return in question is not more than three years old. However, it may take some time before you actually receive the refund related to the amended return.
Usually, the IRS takes up to 16 weeks to process an amended return. However, the amended returns prior to 2019 need to be filed on paper. So, you may have to wait longer to get the refund.
Apart from the above discussed ways to get cash from the IRS, there are many more ways that could help you make money during coronavirus. Some of the most popular ones are discussed below:
Check for government benefits and plans
Several plans have been introduced by local governments for those struggling financially because of the coronavirus lockdown. You can check with local authorities to make sure you are enrolled for the benefits for which you are eligible. The government plans may not directly provide you with cash inflow, but it would ensure that your cash outflow is reduced.
Become a virtual assistant
Working from home has become very important in the current scenario, and this has increased the demand for virtual assistants. If you have good communication, digital and organizational skills, then you can work as a virtual assistant. Several virtual assistant websites are out there, such as Virtalent and 24/7 Virtual Assistants that could help you get such types of jobs. But these sites typically require extensive experience. If you are serious about such jobs, then it could very well turn into a long-term opportunity with regular cash inflow.
Try online tutoring
With schools and colleges closed, parents are now looking for online tutors for their kids. If you feel you can teach, have strong communication skills, in-depth knowledge and the right temperament to deal with kids, then you can apply through online tutoring websites that connect tutors with students. Along with academic subjects, you can also apply to teach music, crafts, and other skills.
Sell your photographs
Businesses currently are creating a lot of content, and they need a lot of images to go with it. So, if you have the right images and themes, then you can make money by selling them. Apart from selling the current images, you can also click new images that are being demanded by the websites, and blogs. You can use stock photography sites, such as Shutterstock, Alamy, Getty, and iStock to find potential customers for your images.
Switch bank accounts
Many high street banks give bonuses to people who switch an account to their bank. Along with bonuses to those moving their accounts, banks also pay bonuses to those who recommend banks to their friends.
You can also make some money by trying out websites, and then giving your feedback on whether or not it is user-friendly. For this, you can take the help of websites such as User Testing and Userfeel to search for test website jobs. You can make anywhere between $5-$90 per test.