Economic Stimulus Checks & Extended Tax Deadline
Since state by state lockdowns began in March economic changes have been swift and brutal. There are a few questions on everyone’s mind: Has the tax deadline been extended? When can I expect my stimulus money?
Tax Date Extended To Mid-July
The date to file your federal taxes has been extended from April 15 to July 15. State tax deadlines depend on which state you are filing in but for many have been extended to reflect the federal change. Be sure to check in with your state’s website to make sure of the extension.
The extension gives everyone a little longer to get their taxes done but you are still better off getting your taxes done sooner rather than later. If you wait until July to file you run the risk of forgetting. Also the sooner you file the sooner you get your tax refund back, which can be a crucial amount of money if you are struggling to make ends meed while businesses are closed.
Stimulus Money Coming Soon
To help people impacted by the virus and subsequent lockdown Congress passed a stimulus bill last month that will ensure a one-time payment of $1,200 to each adult American citizen as well as $500 for each child. This small amount is intended to help Americans that make under $75,000 per year who may have been laid off or face economic hardship with the closing of most businesses. Check out the IRS website for more information on eligibility.
You will receive the payment either via direct deposit or through the mail. If you have ever filed your taxes online and made a payment or received a refund digitally your direct deposit information is already in the system and will be used to issue your stimulus payment in the next few weeks. If you have not filed digitally you will receive a paper check in the mail in the next few months.
The IRS has set up a website for people to create accounts and update their direct deposit information before checks go out. The IRS also has information about the stimulus payments for people who did not have filed an income tax return in 2018 or 2019.
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