One reason to file your federal income tax return promptly this year is that it might result in a higher stimulus payment on the next round which President Biden has proposed. The IRS is likely to base the payments on either 2019 or 2020 income. If your 2020 income is lower than 2019 as is true for many Americans, filing soon may result in a higher stimulus payment on the next round.
February 15, 2021
Tax Season Starts. Why file early?
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