![]() ![]() “Filing a tax return early is always a best practice and proven this year with the stimulus checks to those who have already filed,” says Steber. Mark Steber, chief tax information officer at Jackson Hewitt, agrees. “But, if you are passed over for round three because your 2020 tax return hasn’t been submitted or processed in time, then you should be able to claim a credit on your 2021 taxes.” “If the IRS processes it in time, they’ll use the most recent year to qualify taxpayers for the third round of economic stimulus payments,” says Meredith Tucker, tax principal at Kaufman Rossin, one of the largest CPA and advisory firms in the U.S. If you didn’t qualify for the third round of stimulus checks based on 2019, but you do qualify based on 2020, the next best step is to file your 2020 taxes as soon as possible, tax experts say. ![]() That includes anyone who used the IRS non-filers tool last year, or submitted a special simplified tax return.įollow Kelly Do I still have a shot at qualifying for a check if I file now? The third round of Economic Impact Payments will be based on a taxpayer’s latest processed tax return from either 2020 or 2019. You can use the IRS "Get My Payment" tool to find out when your next stimulus payment is expected to hit your bank account or be mailed. When Tax Day falls on a Saturday, it is customarily pushed to the following Monday. Last year, the 2019 tax deadline was extended three months until July 15, 2020, without penalties and interest, because of the massive economic shutdowns that went into place to stem the spread of the coronavirus.Īn 'impossible choice': Without paid leave, people of color often must choose between a paycheck and caregiving Why wasn’t it pushed back to May 15? The agency is grappling with staffing issues and outdated IT systems at a time when it’s also implementing sweeping tax code changes from the COVID-19 relief packages. The IRS pushed back the tax filing deadline by a month to Monday, May 17 instead of Thursday, April 15. And others want to know when they need to pay their state taxes, or if they face refund delays. ![]() Taxpayers are also grappling with questions on everything from unemployment waivers to child tax credits. Save better, spend better: Money tips and advice delivered right to your inbox. Many people are rushing to get their returns done so they can qualify for the latest round of stimulus aid, and they have questions like: Is it best to file now? Can I still file my return to qualify for a check? Do homeless Americans qualify for stimulus checks? ![]() Many Americans have tons of questions about their stimulus checks, taxes and unemployment aid after the American Rescue Plan became law. Tax Day 2021 has been pushed back to May 17 from April 15 without penalties and interest, giving Americans more time to file their returns as the IRS implements sweeping tax code changes from the latest COVID-19 relief package. Watch Video: 2020 taxes: Do you owe taxes on stimulus checks or unemployment?įor those last-minute tax filers who were rushing to get their returns done, there’s good news: you’ve been given a one-month reprieve. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |