Living in South Florida, hurricane season often brings days and weeks of no electricity and scouring for certain food items, gas and ice. We learn the procedures and hacks to make it through the six-month season. Yet, I never thought I would see a day where whole cities and in some instances, states are on lockdown and facing curfews because of a medical emergency and nothing to do with hurricanes.
I even remember in a dangerous riot took over the streets of Miami in the 80s, followed by smaller clashes of racial civil unrest. We were told to stay in and not to travel to the areas where the fighting, stealing and destruction of property was happening. It was nothing like what we are experiencing in this pandemic
COVID-19 and the Coronavirus is one of the deadliest viral illnesses to ever affect not just the United States but the entire world. The virus is affecting all of us. It is claiming lives at alarming numbers, including someone very dear to me. I’m not ready to talk about that yet; it is still very emotional. This virus has not only caused curfews and stay-home or shelter-at-home orders across the country; but has also sparked widespread movement of the educational and corporate world online and cause a significant loss of jobs – which means no money.
Now, to aide families and individuals and put some fire back into the economy, there is a stimulus check coming down the pike. One of the criteria to receive the check is having filed your 2018 or 2019 taxes done, simple right? After all, we are currently in the thick of the 2019 tax season (by the way the filing deadline has been extended to July 15th, 2020). Well, in some cases it will not be simple. The good thing to know is even if you owe the IRS based on your 2018 and/or 2019 returns, or your refund for those years was redirected to student loan payments you are still eligible for a stimulus check.
So, why do I says being eligible for a stimulus check will not be simple for some folks? BACK TAXES. I’ve received multiple calls about preparing back taxes and often for SEVERAL years. I understand life gets in the way and one year of unfiled taxes turns into 10 years. Some callers have admitted that they have no idea when they last filed taxes! Another question being asked is how far back they can file taxes. There is no limit on how far back you can go when it comes to filing taxes; HOWEVER, there is a three-year limit on eligibility to collect a refund. So, if you haven’t done your taxes in 10 years and you owe for 2010, you will still need to pay the amount due from 2010 and all years after. Unfair? The only way to avoid being in this situation is to file your taxes in a timely fashion.
Most importantly tax returns are used for so many things now when it comes to credit and income verification, including as apartment leasing, mortgages, college financial aid; and now qualifying for your 2020 stimulus check. Don’t be afraid to contact us for back tax issue or any other tax or insurance situations you may be facing . We are here to help.