If you are like millions of Americans, your second – or even perhaps your first — stimulus check may not have made its way through the mail to you. The experts at Orlando based CPA Accounting & Tax Services discuss ways to ensure that you still receive your stimulus funds. Here’s how:
1. Get your paperwork in order before the Internal Revenue Service (IRS) starts processing returns on February 12, 2021 and file early, making sure to sign up for direct deposit. Note that Federal tax returns will be due April 15. The IRS had previously extended the deadline to July 15 in 2020 as a result of the COVID-19 pandemic.
2. You can file for a Recovery Rebate Credit on your 2020 tax return and claim your full stimulus check. The rebate credit combines your stimulus money with your tax return, which means that you won’t get a separate check, but you could get either a larger tax refund or pay a smaller tax bill. It is important to note, however, that if you have any outstanding tax obligations, the IRS can potentially garnish a portion or all of your refund to satisfy them.
3. If you don’t usually file taxes due to retirement or those who are on SSI or SSDI you will need to file this year in order to get the Recovery Rebate Credit.
4. Make sure you confirm your payment status online through the IRS website: https://www.irs.gov/
5. If you are filing a tax extension, there may be additional steps involved. A trusted expert like CPA Accounting & Tax Services can help navigate you through the process.
Let us guide you through you thorough tax season and beyond. Contact the professionals at CPA Accounting & Tax Services to help guide you through tax season and beyond. We specialize in Business Accounting Services, Individual Tax Services, Tax Preparation, International Tax Services, Tax Planning and Tax Resolution Services. We have offices in Orlando, Florida and service clients worldwide. Find out how we can serve all of your accounting needs by contacting us today.