File Your Taxes Early!

As Congress set a March 14 deadline for the 3rd Economic Impact Payment Plan to be submitted to Pres. Biden, two categories of people exist: those who saw an increase in income in 2020 compared to 2019 due to such things as increase in their stock market portfolio, and those who saw a decrease in income in 2020 compared to 2019 due to the pandemic.

For those that have yet to file the tax return for 2020, the IRS will pull the data from 2019 tax return to figure out how much you can get on your third stimulus check. So, if you did well in 2020 compared with 2019, it’s probably a good idea to hold off on filing 2020 taxes until later in March.

However, those that have done considerably worse in 2020 should file their taxes NOW so that they can receive the maximum $1400 check (if single) or $2800 check (if married filing jointly) when the 3rd impact payment will be distributed to Americans.

Many families did not receive their stimulus checks in 2020 because their 2019 tax returns did not meet the requirements set by Congress for financial assistance. The $1400 check is part of the $1.9 trillion stimulus plan to keep American families alive.

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