URGENT: Stimulus Credit Tax Deadline Is ALMOST HERE
(RepublicanNews.org) – Yes, you read the title correctly – November 17th. Although the annual tax filing deadline is in April, and the usual extension allows filing until mid-October, there is another rapidly approaching deadline that millions of Americans should have on their radar this year.
According to recent reports, nearly 9 million Americans have yet to file for tax credits eligible under the American Rescue Plan simply because they don’t usually file income tax returns. These credits include the Economic Impact Payment, the Child Tax Credit, and the Earned Income Tax Credit.
What Credits are Available?
The Earned Income Tax Credit (EITC) is one of the most essential anti-poverty measures in the country. Americans must be eligible for at least one return document. The EITC payment is available to all Americans age 19 or older. Workers without children will qualify if they earned less than $21,430 in 2021. Some states offer supplemental EITC, so check your state’s eligibility requirements when you file.
The US government also extended the child tax credit until 2021. Although the credit is usually around $2,000 per year, the legislation increased the credit to $3.66 per child for children under the age of six and $3,000 per child for children between 6 and 17 years old. Many Americans received direct deposits of $250 to $300 a month, but families had to file taxes on each balance.
Finally, a $1,400 stimulus was available under the American Rescue Plan in 2021. The IRS implemented a tax credit for people who did not receive a stimulus payment by direct deposit or mail. If you have not received your stimulus payments, you can apply for this Credit, which will help you with the much-needed money you lost at the height of the COVID-19 pandemic. The third round of stimulus payments offered up to $1,400 per person, and all families can qualify. Although the tax has passed, anyone who has applied for an extension can still claim this credit before the extension expires.
Who Qualifies for the November 17 Extension?
People without capital are likely to struggle to find their tax returns. The Center on Budget and Policy Priorities (CBPP) estimates that 12 million Americans do not file annual income taxes. Some low-income individuals and families are exempt from filing a tax return each year. Generally, individuals under 65 who earn less than $12,550 (or spouses who make less than $25.00 per year) do not file an income with the IRS. Some exceptions exist, such as those who are self-employed and must declare their income for personal tax purposes. People who are over 65 and have no income other than Social Security are also eligible to apply.
The IRS has identified non-registrants, first-time non-registrants, and those with limited access to banking facilities as the main groups that have difficulty paying and obtaining credit incentives. Those with mixed immigration statuses, those who severely restrict access, and who are refugees have not received credit.
Because so many low-income Americans don’t necessarily file their taxes, the IRS has limited information on file. That is, they did not have the means to deposit up to $1,400 in cash and, in many cases, could not send a check or even report their money.
Individuals who are legally required to file their 2021 tax returns in April 2022 and who have not requested a six-month extension are due to file an extension on November 17, 2022. This extension is the last chance the IRS will grant them, which has an advantage.
How to File for Your Stimulus Check
Ready to claim your boost from 2021 and maybe some of these credits?
Remember, while time is short, you still have a chance to claim the funds you are entitled to even if you don’t typically file your taxes. Start by visiting ChildTaxCredit.gov or the IRS website for free. These pages have a simplified form to help those without the need to pay the income taxes claim their credits with no hassle.
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