Recently, the Senate has struck down a proposal to create a skinny stimulus payment. Here are a few ways to make additional funds for you and your family.
Review and amend past tax returns
You may due a tax refund if you missed certain tax deductions or credits such as depreciation, mileage traveled, educational credits, and other deductions and credits. The IRS allows taxpayers to amend tax returns for the past three years. Taxpayers who believed they missed reporting all deductions or credits can file a 1040X to make changes on their tax returns and obtain a refund if they qualify.
Unclaimed Property
If you live in the State of Louisiana, you can visit the Louisiana Unclaimed Property website to determine if you have any money that may be due to you. Property consists:
- Security deposits
- Life insurance payouts
- Safe Deposit boxes
- Unpaid wages
- Other abandoned financial assets
If you find unclaimed property, you can complete the form and claim your payment. As of to date, the state has returned more than 500 million dollars to individuals. So make sure you check!!
Individual Development Accounts
Individual Development Accounts are accounts available to low-income families. These accounts allow participants to save toward the following goals:
- Purchase of a home
- Business
- Education
- Vehicle
Each dollar saved, the program will match the savings 4 to 1. For those saving towards a new home or business, $1,500 will be matched by $6,000. For those saving towards education or vehicle purchase, $1,000 will be matched by $4,000. For more information, contact United Way of Southeast Louisiana at https://www.unitedwaysela.org/ida or call at 504 827 6862.