Another stimulus check may never come, but there are still a few coronavirus stimulus check like payments available to Americans. However, to continue receiving these payments or be eligible for them, people need to meet their tax deadline (if they haven’t already filed their taxes).
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The extended deadline to file taxes this year is Oct. 15. Since extending the deadline to Oct. 15, the government has been sending repeated reminders to Americans to file their taxes.
If you haven’t yet filed your taxes, and also fail to do so by the deadline, then you may stop getting the stimulus money. The government may also ask you to return the stimulus money if you fail to meet the tax deadline.
For instance, benefits such as the expanded child tax credit and many other benefits depend on your tax return, and thus, could be discontinued if you fail to file your taxes within the deadline.
Even for those who missed their first two stimulus checks, or got less than expected, it is very important to file their 2020 taxes to claim the money if they are eligible. If they don’t usually file taxes, they can use the Child Tax Credit Non-filer Sign-up Tool to provide information to the IRS.
Electronic Method - Best Way To File Taxes
Americans have several options to file their taxes, including an electronic method. As per the IRS, filing electronically is the safest and quickest way for taxpayers to get a refund, as well as get their refund deposited into their bank account.
“File a 2020 tax return electronically as soon as possible to give the IRS time to process and issue the payments before the end of 2021,” the IRS says.
Also, those who haven’t yet filed their taxes can file now and use the facility to schedule their tax payments up to the Oct. 15 due date. Moreover, those with income less than $72,000 can use the free filing facility from the IRS. One can pay their taxes using Direct Pay, as well as with a credit or a debit card.
Several taxpayers have been granted an extension to file their taxes. Mainly military officials, others serving in a combat zone and residents of disaster areas got the extension.
People can go to their online tax account to check important information when preparing to file their taxes. The online tax account will give them information on their adjusted gross income (AGI), Economic Impact Payment amounts, and estimated tax payment amounts. Other information available to taxpayers includes payment history, amount owed in past years, notices from the IRS, payment plan details and more.
Generally, there is no penalty for late filing if a taxpayer is due for a refund. However, those “who wait too long to file and claim a refund, risk losing it altogether,” the IRS says.
