Why you need to file your Tax return with the Federal Government as soon as possible, and how you can do it in just 24 hours:
The Treasury Department and the Internal Revenue Service announced on March 30, 2020 that distribution of the stimulus check payments for the economic impact due to Covid-19 pandemic will begin in the next three weeks.
The only requirement to receive the check is, to file your tax return.
Some taxpayers who have not filed previous years returns will need to submit their 2019 tax return to receive the economic impact payment.
The following is the most important information that you need to know for the Economic impact payment:
• The amount of check is $1,200 per person and $500 for each child. A typical American family of 4 (parents and 2 children’s) will receive a total amount of $3,400 which represent $1,200 for each of the taxpayers and spouse, and $500 for each child
• In order to receive the economic impact payment, taxpayers should have filed their tax returns for 2018 or 2019. For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment.
• To get the full payment, a single tax filer Adjusted Gross Income (AGI) should be $75,000 and below, $150,000 for those who filed married filing jointly and $112,500 for Head of household status.
The amount of the check payments will phase-out if the AGI exceeds these limits by $5 for each $100. Thus, a single taxpayer will be completely phased out if AGI reached $99,000. Married and filing jointly will be completely phased out at $198,000 and the head of household taxpayers at $136,500.
• If the taxpayer is not required to file their tax return, they will still be eligible for the payment. The Internal revenue service will identify those taxpayers by using the information on the form SSA-1099 or Form RRB-1099 to generate the Economic Impact Payments. However, their dependents need to file their tax return even if they are not required to do so, in order to receive the stimulus check payments. All other taxpayers who are not required to file their tax returns need to file a simple one in order to be identified by the Internal Revenue Service and receive the payments.
• The economic impact payment will be deposited directly into the same banking account reflected on the 2019 or 2018 return filed. If the taxpayer doesn’t have his bank information on their tax return, they will receive a check. However, the IRS plans to develop a page for individuals to provide their bank information in the coming weeks, for those who did not include a bank account on their tax return.
Whether you need to file your 2019 or 2018 tax return, we highly recommend filing as soon as possible in order to receive the economic impact check. Tax Avenger located in Canton MI, is here to help you file 2019 and previous tax returns within 24 hours. You don’t even need to step out of your house; we can file your taxes remotely. Stay safe and stay at home and get your stimulus check while still complying with the tax law.
To get started email us at email@example.com or call us at 248-234-8404. Our fees have also been impacted by the COVID-19 and as a result they are very reasonable and considerate of the current economic situation of all individuals.