Finding yourself unemployed is so traumatic, especially when you’ve just added a new addition to your family. These are desperate times and you need to go into full survival mode during this time of unemployment.
Get your tax returns reduced
There are many reasons why people find themselves unemployed, and Covid-19 is one. If you are suddenly unemployed, the best advice for you is to get hold of tax relief services. They know every inch of the IRS and you may well be eligible for income tax benefits.
As a tax resolution company in the United States, Fortress Tax Relief can even help you by having one of their experienced tax resolution attorneys working with you and the IRS to see you get a reduction in the tax you owe during your time of unemployment. As a BBB accredited business and with excellent, recommending customer reviews, you can trust them completely.
Learn a new skill
During your time of unemployment, the very last thing you want to think of is learning a new skill. How can you spend money on attending a course? Certainly, one of the positive things about the global lockdown is that learning has gone online.
If you do careful research, you’ll discover that lots of those courses are totally free. Some of the courses are short, too and you can use this time of unemployment to at least stay competitive in the marketplace while you are at home looking for more work.
With these new skills learned, one might well discover that one door may have closed, but a new door of opportunity might swing open. Also, take advantage of government benefit programs, some of which are tax-free.
Tax breaks
Each year the government distributes trillions of dollars in benefits. The money is to help with food and medical care and there are government benefit programs that can help reduce expenses during your time of unemployment.
Depending on your income level, losing your job can mean some tax breaks such as Earned Income Tax Credit. If you received severance pay, it is taxable in the year you received your severance pay.
Usually, unemployment benefits are taxable by the IRS and must be reported on your tax return, but with Covid-19, there is a tax break for millions of Americans who have lost their jobs.
Do freelance work
Don’t let the word ‘temporary’ stop you from considering taking on a short-term job. You need money right now and it’s a good way to make some money, at least while you wait to start working again.
A drowning man clutches at the straw and a temporary job can help you earn while you wait for your employer to call you back. The truth is that the call may never come, so you have to try other things. A temporary job could possibly turn into a full-time job. Maybe you can even get a temporary job making use of the new skills you’ve picked up with the free online courses you’ve been doing.
Study your finances and cut back
Finding yourself unemployed is a good time to look at how your spending habits have been up till now. Sit down and work out what you need to cover your bills. Check out all financial assistance programs you can.
The next step is to call your creditors to make some kind of arrangement with them. You’ll also have to look at ways to cut back on certain spending patterns. Those crates of fizzy sodas that arrive every week can be replaced by water. Downgrading to a cheaper TV package can save you quite a bit too.