IRS: Everything You Need To Know

The U.S government agency is responsible for collecting taxes and enforcements of tax laws. Back in 1862 it was established by the president at the time who was Abraham Lincoln. The Internal Revenue Service which is IRS for short is operated under authority of the United States Department of the Treasury. Other parts it covers and handles is corporate, excise, estate taxes and gifts as well as mutual funds and dividends.

Who is eligible for the Internal Revenue Service and how much can you receive?

If you are a tax filer with a gross income of up to $75,000 if you are a single person or up to $150,000 for married couples will receive the full payment. If you are earning above these amounts then the payment you receive less. For every $100 above the amounts above you will be deducted by $5.

If you are a taxpayer who is eligible and filed a tax return for either 2019 or 2018 will receive a payment of up to $1,200 for a single person or $2,400 for married couples. In addition you will receive up to $500 for every child that qualifies to the brief.

Where does the Internal Revenue Service know where to send my payments?

The average person will need to do anything for the Internal Revenue Service because they will automatically calculate and send the payment that will be sent to the people who fit the brief and are eligible for it.

If you have found that you have already filed your tax returns for the Internal Revenue Service in 2019 will use this information to base and calculate the payments made. Otherwise they will use the information given from 2018 to calculate the payment.

When the payment is decided, the payment will be made directly into the same banking account that is on the tax return that has been previously filed.

What happens if I have not given my payment details before?

If you have realised that you have joy given your direct deposit details to the Internal Revenue Service before then in the weeks leading up to the payment they will create a portal online. This is a service where you will be invited to provide your banking information online, this is so you can receive the payments automatically and immediately. The online portal option is a popular method because it is a lot faster and safer than checks getting lost in the Mail and the time it takes for it to travel to you in the post.

Getting help with your Internal Revenue Service tax return

If you are struggling with completing your tax return it is normal to get help from a tax professional such as or local community organisation as they will be able to take the weight off your shoulders by providing you with up to date information. It can be an overwhelming process. If you are concerned about asking for help with a tax return then the economic impact payments are available to individuals and married couples throughout the whole of 2020.

Interesting Related Article: “Can Tax Relief Services Help Reduce the Amount of Debt You Owe to the IRS?