The IRS consistently recommends filing tax returns as soon as possible and many Americans do so, but there is good reason to don’t do it so soon
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The Internal Revenue Service (IRS) and tax experts recommend that taxpayers file their returns as soon as possible, with the argument of avoid fraud and that refunds arrive as quickly as possible .
The SoloDinero site published that although the recommendation is correct, there is a reason it might be convenient for taxes are not declared so early , but within the period you have open the IRS which is from 12 February to 15 April.
Suggestion not to file as soon is for people who have had higher income during the 2020, unlike what they perceived in 2018 Y 2018 . And is that filing the quick return , could make taxpayers run out of stimulus check .
The reason is the following, a group of legislators is promoting a bill to distribute the third stimulus check in a direct payment to US households.
What would determine the eligibility of these payments, which is considered an advance on a credit of 2020, the IRS would refer to the most recent tax return than is registered .
So, if the tax return 2020 is the one with the highest income in the last three years, it is very likely that the contr payer run out of third stimulus check .
And this extra income could exceed the expected adjusted gross income threshold, which that could be a problem when it comes to being eligible for the third installment of the stimulus check .
Marianela Collado, certified financial planner at Tobias Financial Advisors, pointed out in this regard that if the tax return , the IRS would be looking at the returns of 2019 to determine eligibility or 2018 if the 2019 .
The opposite occurs with those people who obtained less income lasts Note the 2020, compared to the 2019 and the 2018, since then it is in your best interest to submit your last statement as soon as possible , including claiming previous stimulus payments that may have been lost.
With information from SoloDinero
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