Making Finances Simple. Changing Lives.
Yet another COVID measure is being signed into law on Friday, March 12. See below for specifics expected to be included…
Child Tax Credit
Also, being added in are expansions to the following, but specifics aren’t know yet:
When to File (delay or not)
With the added stimulus, many want to know if they should hold off filing. The only reasons to delay filing would be if you earned beyond the above thresholds in 2020, which would make it more beneficial to hold off on filing so the stimulus is based on 2019 income, or if a dependent on your 2019 tax return became independent in 2020.
Otherwise, it behooves you to accelerate your 2020 filing if you earned too much income in 2019 to qualify, or have new dependents in 2020 for whom you want to get the funds.
While we know you have questions and we’re happy to answer them, please know that the details aren’t ironed out yet as far as implementation and specifics. We’ll be sure to provided added details as applicable. We just wanted to get you information right away to clarify some of the measures!