It’s that time of year again, tax season. While it is always a good idea to get your taxes turned in as soon as possible, this year you may especially want to get them turned in soon. By getting your taxes turned in during the month of March, it could put you in a better position financially. You have probably heard the buzz of a third stimulus payment that could possibly be coming soon, and your new taxes filing could end up helping you out. Mark Dicus & Company is here to talk about why you should consider getting those taxes turned in as soon as possible.
How Your Taxes Could Improve Your Chances at a Third Stimulus Check
For some people filing their taxes could help them get more money from that third stimulus check we have heard so much about. For others, it makes a stimulus check a possibility when it wouldn’t have been had they not gotten their taxes turned in. Here are a couple of different instances where this year’s tax return could put you in a better position for that third stimulus check.
– Birth of a Child: If you had a child during the year 2020, you may want to get those taxes turned in ASAP. If you didn’t have the child during the years 2019, the government doesn’t likely realize that you have a new dependent. That means that you would likely miss any money that would be given to you for your child. While we don’t know how much each child will get, in the past, they have gotten money, and you don’t want to miss out on it.
– Income Change: For those that didn’t qualify for the other two stimulus checks because they made too much money, you could have possibly seen a decrease in your earnings during the year of 2020 due to the pandemic. The IRS goes off of the most recent information they have on file. So if you made less and would qualify this time around, you want that new information turned into the government before stimulus checks are rolling out.
2020 Taxes Could Disqualify You from a Third Stimulus Check
Of course, for some people, last year could have been a great year financially speaking. If this was the case and you actually made more last year than the previous year, turning in your new taxes could hurt you. I suppose that’s not a bad problem to have if you make enough money that the government doesn’t think you need any assistance.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you are wanting to get your taxes turned in as soon as possible to help qualify you for a third stimulus check, you can count on Mark Dicus & Company to help you get them prepared and taken care of. We will get you the largest return possible. Call us today!