Under the CARES Act passed by Congress last week, most taxpayers should see an early tax rebate in the coming weeks. The payment is called an Economic Impact Payment. This will come for your 2020 taxes, but is based upon your 2019 tax returns (or if not filed yet, your 2018 returns).

For individuals, married filing separate, and heads of household, if your adjusted gross income was $75,000 or less, then you will get a full payment of $1,200. For married filing jointly, if your adjusted gross income was less than $150,000, then you will get a full payment of $2,400. In addition, for every qualifying child (under 17 and dependent based upon child tax credit rules), you get $500.

If you income exceeds those limits, the payment phases out by $5 for every $100 in excess of the AGI limit.

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More information can be found on the IRS website at: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know 

The Internal Revenue Service is reminding farmers and fishers about the March 1 deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments.

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