Like most people in the US, it is possible, you carefully follow work on Capitol hill related to potential legislation on the new round of assistance in connection with the coronavirus, says CNBC. In the case of adoption of law you will need to take action to get paid.
According to experts, you must file a tax return if you have not done so — despite the fact that the IRS (IRS) has extended the deadline for filing Federal income tax from 15 April until 15 July due to the unprecedented problems related to the coronavirus.
At the same time, the IRS worked to ensure million lump-sum payment of up to $1200 per person or $2400 per couple, plus $500 for each child under the age of 17.
Now lawmakers are ready to consider the possibility of a second round of payments: after the Democrats of the house of representatives passed a bill that called for.
The new proposal also includes checks for $1200 to the person who earns up to $75 000, or $2400 for couples earning up to $150,000. Payments are reduced for people with incomes above these levels and will eventually completely cease to earn $99 000 of individuals and $198 000 for married couples.
But Democrats want to increase payments to $1,200 dollars for each family member, maximum three payments per family. In addition, children 17 years and older and the citizens of the United States also will be eligible for first and second payments if the proposal is accepted.
But these conditions can be changed, depending on what lawmakers agree to in the Senate. Meanwhile, the White house made clear that open for second round of financial aid.
Legislators may need weeks to agree terms. Can then be sent to receipts, which will also take much time.
Tax experts said that this time period gives the Americans the ability to file tax returns, to assist them in obtaining rights for the second round of payments.
Payouts are based on past tax returns
As in the first round of Federal assistance, the Democrats will consider these past tax returns.
If the government receives your return for the year 2019, the payment will be based on adjusted gross income according to this document. If you have not submitted the Declaration, the information is used for 2018.
Thus, if your income will drop in 2019, you can qualify for larger payments, based on the recent Declaration. If in 2019 you have a new baby, this change will also mean that you are entitled to extra money.
“If you have an event that can boost your potential amount of financial aid, and if the second round will decide to spend your return for the year 2019 shall be filed,” said Henry Gries, senior Manager in tax practice and ethics of the American Institute of certified public accountants, or AICPA.
Admittedly, there are some delays in processing tax returns due to pandemic coronavirus. In particular, processing of paper returns is slower. The IRS has announced that it will begin processing the corrected reports in electronic form later this summer.
Of course, not all US residents are required to file tax returns, especially if they have little or no income. For these people, the IRS has a tool that you can use to enter information for payments in connection with the coronavirus.
“If they don’t have enough information about you, this does not mean that you are not entitled to the payment of said Gries. — In the end you will get the money, though not as fast as others.”
You can wait for the tax refund
The delay in the filing of tax returns can hurt you not only in connection with the second wave of payments.
“Regardless of whether the second cycle of payments in connection with the coronavirus, you probably waiting for your tax refund,” said Pete Sepp, President National taxpayers Union.
And the longer you delay filing a tax return, the more time it will take before you receive your refund. Meanwhile, the amount of the refund may be larger than the second payment in connection with the coronavirus.
“People are left in the hands of the government money that must be returned in their pockets,” said Sepp.
Your taxes can be the key to higher salary
Once you fill in a tax return, you will be able to estimate how much is withheld from each paycheck. Reducing this amount, you can increase the size of their salary, while reducing the expected profit at the end of the tax year.
“This will allow you to get more money in a shorter period of time, said Gries. — You can provide your personal incentive, doing it.”
Of course, you’ll want to take into account any additional payments such as investment income, which can increase your debt to the IRS at the end of the year.
As previously wrote ForumDaily:
Federal payments in connection with the coronavirus will not be taxed.
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