You may be eligible for further help from the IRS for taxpayers! With the coronavirus pandemic bringing an unprecedented level of uncertainty, the Internal Revenue Service and the Treasury Department are offering further help for taxpayers, businesses, tax-exempt organizations and others. Following the first round of help as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, a second round of Economic Impact Payments is now available.
How Do You Receive Payment?
Last year, millions of Americans received the first round of payments , and in most cases, those who are eligible for the second payment will receive the second pay out automatically.
It is really simple to claim your money. You do not even have to do anything! If you are eligible to receive the second round of payment, no action will be required on your part. The IRS will remind you that the payments are automatic. You should not contact your financial institutions or the IRS with questions about payment timing.
Most recipients will receive the payments by direct deposit, however, people on Social Security or other beneficiaries will receive payment in the same way as the first.
Can You Claim Employer Tax Credits?
Businesses severely impacted by the coronavirus pandemic will qualify for Employer Tax Credits. If you are unsure of your eligibility, you can find plenty of helpful information in the new employer tax credits PDF.
When You’ll Get Your Payment
You can check your payment status by using Get My Payment to confirm that your second stimulus payment has been sent and confirm the method. This data is updated once a day. You can also find further information and answers to questions about the second Economic Impact Payment by seeing Questions and Answers about the Second Economic Impact Payment.
For more information about the application process, you can visit Get My Payment Frequently Asked Questions.
Have you not received your first payment?
If you are an eligible taxpayer, you should have by now received your first Economic Impact Payment. If, for any reason, you didn’t receive the full payment, you may be eligible to claim a Recovery Rebate Credit when you file your 2020 federal tax return.
Financial worries can have a negative impact on people’s mental wellbeing. It is estimated that one in five people suffer mental health issues because of money problems.
Money cannot buy happiness, but it can take a toll on people’s overall wellness. Consistent or regular financial worries can lead to depression, anxiety, sleepless nights, and troubled relationships. This is especially during a time of social isolation.
During this challenging time, it is more important than ever that people have access to help and advice. We are here to make it easier to manage your finances easier.
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