WEST SPRINGFIELD, Mass. (WWLP) – This year’s tax season will be different for many people but submitting your taxes to the IRS as soon as possible is important this year.
The sooner you file, the sooner your refund will come. For many people this refund could be bigger, plus you may qualify for a stimulus check if you didn’t before.
For many people they had a change in circumstance in 2020, such as having a child or seeing a significant drop in income from 2019 to 2020. Which means if in 2019 you didn’t qualify for a stimulus check you may in 2020.
But the IRS bases it off of your most recent tax return so it’s a good idea to file before the third stimulus payments gets approved. If you didn’t get a stimulus check you may get one now.
“If you didn’t receive your stimulus in the summer or the one that was issued in late December early January and even into February you want to make sure you put the amounts you did not receive on the tax return so you do get the stimulus money that’s due you.” Ray Maagero – owner, Liberty Tax in West Springfield
Stimulus checks are tax free so you don’t need to pay taxes on them. On this year’s tax return you will be asked if you received one or both of the stimulus checks. It’s a just a way for the IRS to keep track of who received it and who didn’t. It’s important your tax return is correct before submitting it.
Filing early can also protect against fraud which has been on the rise this tax season. A reminder the deadline to file taxes is April 15.