Tax Day 2020
Tax Day this year comes not only with extra time, but for many people, it comes with a stimulus check! The IRS officially identifies the stimulus check as the Economic Impact Payment and has a page dedicated to the information you need to know about that stimulus check. Thankfully, most people don’t need to do anything to get the payment and for most, it will be automatically deposited into your bank account. If you would like more information, check out the Economic Impact Payments: What you need to know page. The tax deadline has been extended to July 15, 2020 due to COVID-19. Do you have to pay this year? If so, did you budget appropriately for that? Are you getting a refund this year? If so, what are you doing with your refund? Paying off debt? Using it as a down payment for a new home? In 2020, homes can still help with deductions – calculate your approximate mortgage interest tax deduction. Purchasing an Investment Property?
Filing isn’t only about paying in or getting a refund. If you’re self-employed, being approved (or not) for a mortgage highly depends on how much income you showed. Tax Day 2020 could mean the difference refinancing or purchasing a new home. Is now the right time for you to receive a mortgage pre-approval?