Tips to increasing your income:
- Review and change your tax-deduction status if you regularly receive a tax refund. This way you can receive the money throughout the year to pay your expenses. There are also a number of tax credits (further described below) that may help increase your income, including:
- Advance EIC or Earned Income Tax Credit (EITC)
- Child tax credit
- Credit for child and dependent care expenses
- Education credits
- Tax credits for retirement savings contributions
- Reduce or stop your retirement contributions temporarily as opposed to cashing out your contributions and paying the taxes and penalties
- Take on a part-time job if you already work full time
- Use a talent or hobby to increase your income
- Seek unemployment assistance if unemployed and not already receiving assistance
- Enroll in a training program to learn a new career or job skill in order to obtain a job
- Update and distribute your resume in order to obtain a job or a higher paying job
- Sell your assets (e.g., an extra vehicle, furniture, jewelry, or your home) if you need to downsize
- Rent out an extra bedroom in your home