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Watching Your Wallet: reasons to file your taxes now

Published: Feb. 1, 2021 at 7:38 PM EST
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LANSING, Mich. (WILX) - Tax season is upon us and W-2′s are starting to get delivered.

A lot of folks have an interesting question this year: Should I wait to file or file right away?

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

But 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 there’s even more 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 receive no stimulus check.

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

It can be a hassle to fix-- and motivation to file your return as soon as possible.

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