Should San Jose residents await Stimulus Payments; and, how much to expect?

 

One of the big ways of financial relief that have come to some of the US residents is stimulus payments in the economically challenging times of the COVID pandemic. The amount is calculated and disbursed by the IRS and citizens might get different payments according to the various factors that determine their payoff. If you have been waiting for your stimulus payment check, then you can use this writing to check your eligibility for receiving these. As you may already know that for many of us the COVID 19 has been a disaster filled with unprecedented hardships. To soften the economic impact of this, the economic impact payment or stimulus payment is one of the important measures. Here is a quick guide to checking if you are meeting all the criteria to receive the stimulus payment from the US treasury and how much money are you likely to receive.

Checking your payment status

If you have been wondering about the status of your stimulus payment status, then you can use the tool of the IRS website. The tool is called “Get My Payment” and you can use it for free. The message that denotes that the citizen is not eligible for check or direct debit stimulus payment is the code “Payment Status #2 – Not Available”. In that case, the stimulus payment can only be claimed as a credit in their 2020 tax return. The deadline for filing the tax was April 15, however, it has now been extended to 17th May 2021.

Filing 2020 taxes

As a prerequisite of the second part of their stimulus payment, you need to ensure that your 2020 tax return has been duly filed. This has put a lot of pressure on the residents of San Jose and other parts of the country to fight off the poverty that has resulted due to job losses and other economic repercussions to the COVID 19 disease. Filing your income tax return for FY 2020 is the best way to ensure that there is no reason for which you are denied the stimulus payment by the government bodies. While you file your tax return you can claim your stimulus payment as Recovery Rebate Credit as you file the tax electronically.

Role of Tax Attorney

Filing the taxes by yourself may not be a good idea due to the technicalities involved with filing the tour tax return. The tax laws in the state of California and San Jose may be different from other areas where you have lived previously. The tax laws and regulations can change without your knowledge and you may end up miscalculating your tax due. An incorrect tax file can leave you with back taxes which can also expose you to the possibility of tax debt. Contacting the National Tax Attorney helps you with filing your 2020 taxes accurately and while claiming your Recovery Rebate Credit. They can also point out any deductions or rebates that you can apply so that you can apply these and save money on your return. Contact National Tax Attorney today by visiting their website.