More Stimulus Money May Be Coming Your Way – Here’s What To Do With It

According to Moneywise, If you’ve already filed your taxes for 2020 rather than waiting for the May 17, 2021 deadline, you could be making one of the “bonus checks” or “plus-up payments” the IRS distributed in the past two weeks. Early tax filers may get a treat this year. It is also clear that you may also be due to get your third economic impact payment this week because IRS has been sending payments through April, On April 23 press release states that the seventh batch of nearly 2 million Economic Impact Payments from the American Rescue Plan began processing that is an official payment date of April 28.

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Some people may have seen the money in their account, marked as pending, before April 28. Because the IRS says these funds total $4.3 billion across nearly 2 million payments. If their economic situation changed between 2019 and 2020 who already received their third check could be receiving a “plus-up” payment. Therefore, if their 2020 tax return shows a new child or dependent or if your income dropped, you could be getting more money. Based on 2019 returns this is especially true if you didn’t qualify for the full $1,400 in the third round but you do base on your 2020 filings, or if you got married in 2020 and filed a joint return, with adjusted gross income under $150,000 combined.

Invest in Yourself

Are you considering starting a business to edge against anticipated income cuts or to tuck away more money into an emergency savings account? Easy way to put the extra money towards a business website, a course to learn a new, marketable skill, or inventory for materials to make and sell crafts on Etsy.
Whatever you want to do with the funds, the best way to spend the money is in some way that will make your life better in the future. On the other hand, you’re developing your mental health with a getaway or developing your financial security with less debt or more savings, use the money to kickstart a better future.