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Filing My Taxes Early Cost Me My Stimulus Check

Source: https://msn.com/en-us/money/taxes/filing-my-taxes-early-cost-me-my-stimulus-check/ar-BB12eSnP - Apr 7, 2020

Being a CPA, of course I aim to minimize my tax bill and qualify for any tax advantage available. Doing anything less would be doing myself a disservice. That said, I'm here to admit to making a major blunder that has cost my family $2,900 of tax-free stimulus check money.

I couldn't know it at the time I filed my returns (in late February), but being diligent and filing early went from making us fully eligible for stimulus checks to completely ineligible with the click of a mouse. At the time, the coronavirus hadn't yet shuttered businesses, schools and countless other organizations nationwide. In fact, the full brunt of the economic pain we're experiencing now hadn't yet surfaced and forced Congress' hand toward issuing the largest stimulus bill seen in American history.

Category: General Business