The Stimulus You Need To File Your 2019 Taxes Now
Without question, it was good news to have the 2019 tax filing date moved to July 15th in the midst of dealing with a global pandemic. With that date now just a month away, some taxpayers still haven’t started working on their taxes. That’s understandable with unemployment and uncertainty and now social unrest added to the confusing mix.
However, talks about a second round of stimulus payments are in process and approval could come soon. So, even though you have until July 15th to file your tax returns, you might want to file sooner rather than wait until the last minute. Some people still haven’t received their first stimulus payment yet so you will want to make sure the IRS has your most up-to-date information, including your bank direct deposit information. This way you’ll likely be closer to the top of the list when they start making payments. Additionally, the next round of economic impact payments may be larger than the first!
Like the previous CARES Act, fortune.com reports that, “the HEROES Act calls for direct payments of up to $1,200 for Americans earning up to $75,000 per year and $2,400 for couples earning up to $150,000 annually. But it also would boost payments for families with children and other dependents—to the tune of $1,200 per dependent, for up to three dependents. That would mean a married couple earning less than $150,000 annually, with three or more children or dependents in their household, would be eligible to receive $6,000 from the government.” https://fortune.com/2020/06/01/stimulus-check-round-2-update-congress-coronavirus-relief-checks-payments-irs/
Congress is now reviewing the HEROES Act plan and could reach a decision before the July 15th tax filing deadline. So get your tax returns filed by the July deadline or at least request an extension that gives you until mid-October to file. Either way, you can still make sure the IRS has all of your correct information.
If you have previous years of tax returns to file, and need our help, give us a call. Even if you owe the IRS and can’t pay, you are entitled to the stimulus payments.