Should you wait to file your taxes or file right away?

Should you wait to file your taxes or file right away?

RICHMOND, Va. (WWBT) - Tax season is upon as W-2s start to get delivered.

73% of tax filers in 2019 - nearly 96 million - got a refund. So, you’d probably want to get that money.

But experts say there is an interesting reason to wait just a little bit. If there’s another round of stimulus checks and you are on the threshold of the cutoff, experts say this reason to wait just a bit.

Cherry Dale a financial coach with the Virginia Credit Union says, for example, if you made $75-87,000 last year, under the last stimulus act you would receive some sort of check.

The government bases it on your most recent IRS tax filing. Let’s say you made $90,000 in 2020, this would bump you up and you would not receive a stimulus check.

“That’s the only drawback to filing early if you are in the category. If you’re not in that category, don’t worry about it. Go ahead and file especially, if you’re getting a tax refund,” said Dale.

If you are not in this category, Dale says filing right away is also in your best interest because of the fraudsters out there, filing fake returns in people’s names. It can be a hassle to fix, and motivation to file your return as soon as possible.

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