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Getting a Jump Start on Your Taxes Could Impact Your Stimulus Check

Source: newsweek.com - Feb 2, 2021

Tax season is upon us and while it's smart to prepare tax filings well ahead of the April 15 deadline, it may be beneficial to wait to actually file the documents until President Joe Biden signs a forthcoming relief package.

Congress is still divided on the details of the package but Democrats are looking at using the reconciliation process, which means they could pass it without Republican support. Under Biden's current $1.9 trillion proposal, eligible individuals with incomes under $75,000 would receive $1,400 and if eligibility is based on a person's most recent tax return, taxpayers may want to compare this year's return to last year's to maximize their payment.

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Category: General Business