/The Big Reason You Need to File Your 2020 Tax Return

The Big Reason You Need to File Your 2020 Tax Return

It’s not unusual for the IRS to recommend filing your tax return as quickly as possible, plus it saves you a big headache. However, now the IRS says that some Americans may find themselves out of a stimulus check.

Lawmakers are considering legislation that would potentially dole out an additional round of direct payments to American households.

To determine eligibility for those payments, which are considered an advance on a 2020 credit, the IRS has referred to the most recent return it has on record for households.

For individuals who earned more in 2020 than in years prior – specifically enough to put them over the expected adjusted gross income threshold – that could be a problem.

Marianela Collado, a certified financial planner at financial planning firm Tobias Financial Advisors, told FOX Business that households in this specific circumstance may “not want to be so quick to file.”

Remember, taxes are due by April 15th.

Keep reading at Fox Business.