The season to file tax has already been on its way with its last date being 18th April. The experts or the tax lawyers are remaining the people that this year the filing would be different as there are payments that are related to post Covid-19. There are two notices that have been declared by the IRS which stated the total amount of money that was received by the taxpayers as stimulus checks and the money received from child tax credits.
Ways To File Correctly In Regard To Stimulus Checks
In the views of Karen Tjapkes, the director of Legal Aid of Western, the hardest part of this year will be filing the exact return which will be difficult as compared to the 2021 returns. He also mentioned some tips which would help people to get timely refunds associated with stimulus checks. Firstly, all the taxpayers must file their returns accurately, including their stimulus checks, which will help them to easily get processed without any issue.
As per the duty of IRS, they compare the tax return with information of payment from state and Federal Government along with W-2 form and 1099s. All those returns that do not match with IRS report, have to go through proper audit or review which takes more time.
The second way is to file the return as soon as possible. The reports of IRS states that by 25th February, 45 million people have filed which means a total of 240 million people are still left. The experts recommend the taxpayers file the return online and pay the amount via direct deposit which ensures faster results. The IRS states that an individual who files a return correctly and pays the amounts via direct deposit gets the refunds within 21 days.
The residents of Michigan, who got payment benefits due to unemployment, must get a 1099-G form by the month of February. Lastly, people who belong to a poor or middle-class section must also look at whether they are eligible for the Earned Income Tax Credit or not.