As the tax period is drawing its curtains, Stephanie Ruhle, Senior Analyst of Business at NBC News, shared some great advice with the citizens of the US. Tax season will end on the 18th of April this year and everyone filing tax returns must keep her words in mind that will help in getting a stimulus check quickly.
Steph Ruhle reminded the people about the deadline fast approaching. She also mentioned that people who need a period of extension will get 6 months for which they can apply within the 18th of April.
Ruhle listed a few crucial points while filing taxes.
I: New Tax Code For An Additional Stimulus Check
The central government document has a list of rules and regulations which must be strictly followed while filing taxes. This is a tax code that has recently gone through some changes due to the COVID-19 pandemic.
II: More Tax Credit For Child
Under the Rescue Plan, the IRS gives $3,600 for each child below 6. However, children between 6 and 16 will receive an increased amount between $2,000 and $3,000. Taxpayers may also get $3,000 as a credit to support a dependent aged 17.
III: Unemployment insurance
All unemployment insurance must be documented while filing taxes. This is a new rule made this year.
IV: Standard Deductions
Ruhle also mentioned that individuals can claim $300 and married couples almost $600 under charitable donations. This can be refunded or deducted from their taxes.
V: Avoid Errors
Previously received stimulus checks must be listed. People who received their stimulus check last March must mention it because that will remain untaxed. However, citizens still awaiting their stimulus payments must inform so they can receive a credit.
Ruhle advised everyone to make no spelling errors or mistakes while writing their information to ensure the timely arrival of credit or benefits.