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Tax Tip: Should you file now or wait?

Fox 4 is giving you five Tax tips to help you file this season
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Tax Tip: Should you file now or wait?
Posted at 7:38 AM, Feb 15, 2021
and last updated 2021-02-15 07:38:54-05

It’s tax season, and Fox 4 wants to give you tips to help you file. With the COVID-19 pandemic, it’s been a bit of a strange year, and many of you have asked us questions about filing your taxes. Should you file now? Should you wait until the next Stimulus Bill passes? We’ve partnered with Adam Bruno at Evolution Retirement Services and Wealth Management to help you out.

Bruno said to closely analyze your income for 2019 and 2020.

"If it was lower in 2020 than in 2019, than you probably should file sooner rather than later, because that’s going to put you in line for your Stimulus payments. Now, on the opposite, if 2020 was better than 2019, you kind of don’t necessarily want to file right away. You want to let this shake out, and see what happens in Washington because you have until April 15th,” Bruno said.

Keep in mind: the amount of money you’ll get in the next Stimulus check is based on your adjusted gross income. Based on the last two Stimulus Bills, if you make less than $75,000, or if you and your spouse make under $150,000, you’ll get a full Stimulus check. Remember that when comparing your income between 2019 and 2020.

Bruno also said to remember that you can request an extension for filing your taxes by April 15th, so you can file your taxes, later, but he said you still have to pay the taxes you owe by then, or else you'll be dealing with interest fees.