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If you’ve been dragging your feet on filing your personal income taxes, it’s time to stop procrastinating and get them filed! The Coronavirus Stimulus Bill includes a payment to most US Citizens (depending on your income level) and they are using past tax returns to decide who gets it.
Why You Should File Now
If you haven’t filed your tax return for 2019 they will use your 2018 return to determine how much you qualify for. According to reports this will start to be factored for each home in the next few weeks. For most of us having them factor it with current information is best.
Here are a two reasons to definitely file now:
- If you had a kid in 2019 but haven’t filed taxes you wouldn’t get the extra $500 for that child.
- If you made less in 2019 than 2018, that could be the difference between qualifying and not.
Didn’t They Extend the Deadline
While you have until mid July to file taxes, there really is no reason to wait that long. Even if you owe money, you can file your taxes and not pay until mid July. It is recommended that you pay some when you file, but not required.
What If You Made Less in 2018
Want to try to trick the system and go with your lower 2018 taxes? Sorry, it won’t work. If anything it’s going to make a nice head ache later. In reality your stimulus check is really an advanced payment of a tax credit that will be on your 2020 tax return. That means if you get a stimulus check based on a lower income and then make more this year you will owe that money back on next years return. Sorry Charlie…
Make Sure to File with Direct Deposit
When you file your taxes make sure to select direct deposit for your return and give the IRS correct banking information for you. This will drastically increase the speed of your stimulus money, compared to homes that get a printed check mailed to them. Some reports are saying a 10 week+ delay for printed checks.
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