Money Talks for April 4, 2020

Brad Zucker discusses how to avoid stimulus check scams.

PROMISES CHECKS TO MOSTAMERICANS, EXPANDS UNEMPLOYMENTBENEFITS AND OFFERS LOANS TOSMALL BUSINESSES.IT ALSO SETS ASIDE MONEY FORHOSPITALS STRUGGLING TO KEEP UPWITH THE RESOURCES NEEDED TOFIGHT THE CORONAVIRUS.AN ESTIMATED 93% OF TAXPAYERSWILL GET A CHECK.ADULTS MAKING LESS THAN $75,000PER YEAR WILL RECEIVE $1,200AND $500 FOR EACH CHILD.THE AMOUNT YOU RECEIVE WILLPHASE OUT IF YOU MAKE MORE THAN$75,000, AND THOSE MAKING MORETHAN $99,000 A YEAR WON'TRECEIVE ANY MONEY.THIS $2 TRILLION BILL IS THELARGEST EMERGENCY RELIEFPACKAGE IN AMERICAN HISTORY.THE GOAL IS TO SLOW A RECESSIONLOOKOUT FOR?

WHILE OFFICIALSSAY WE CAN EXPECT TO SEECHECKS IN MID-APRIL, SOME SAYIT WILL LIKELY TAKE LONGER.NO ONE WILL CALL OR TEXT YOU TOVERIFY YOUR PERSONALINFORMATION OR BANK ACCOUNTDETAILS IN ORDER TO "RELEASE"THE MONEY.THE VAST MAJORITY OF PEOPLEWILL NOT HAVE TO TAKE ANYACTION IN ORDER TO RECEIVETHEIR CHECK.HOWEVER, SOME PEOPLE WHOTYPICALLY DO NOT FILE TAXRETURNS WILL NEED TO SUBMIT ASIMPLE TAX RETURN TO RECEIVETHEIR CHECK.THOSE RECEIVING SOCIAL SECURITYBENEFITS ARE ELIGIBLE FOR ACHECK, AND THAT MONEY DOES NOTNEED TO BE CLAIMED AS EARNEDINCOME WHEN IT COMES TIME TOFILE TAXES.Q: WHAT ARE SOME TIPS TO HELPPROTECT YOURSELF FROMCORONAVIRUS SCAMS?

DO NOTRESPOND TO CALLS OR TEXTS FROMUNKNOWN OR SUSPICIOUS NUMBERS.NEVER SHARE PERSONAL ORFINANCIAL INFORMATION VIAEMAIL, TEXT MESSAGEOR OVER THE PHONE.DO NOT CLICK LINKS IN ANYSUSPICIOUS EMAILS OR TEXTMESSAGES.IF YOU BELIEVE YOU'VE BEEN AVICTIM OF A CORONAVIRUS SCAM,CONTACT LAW ENFORCEMENTIMMEDIATELY.Q: WHAT ARE SOME TAX DAYPREPARATIONS WE CAN MAKE TOAVOID BEING SCAMMED?

THEDEADLINE TO FILE AND PAYFEDERAL INCOME TAXES HAS BEENEXTENDED TO JULY 15, 2020.ON THE POSITIVE SIDE, FILERSAND COMPANIES WILL HAVE ANADDITIONAL 90 DAYS TO FILETHEIR FEDERAL TAX RETURNS ANDMAKE PAYMENTS WITHOUT INTERESTOR PENALTIES.ONE THING TO KEEP IN MIND, THISONLY APPLIES TO YOUR FEDERALTAXES.Q: WHY SHOULD WE FILE OUR TAXESSOONER THAN LATER?

PREVENTIDENTITY THEFT FILING YOURTAXES EARLY IS ONE SIMPLE WAYTO PROTECT YOUR IDENTITY.ALTHOUGH TAX IDENTITY THEFT HASDECREASED IN RECENT YEARS, THEIRS STILL CONSIDERS IT ONE OFTHE TOP TAX SCAMS EVERYONESHOULD BE AWARE OF.ALL IDENTITY THIEVES NEED TOFILE A CLAIM ELECTRONICALLY ISYOUR NAME AND TAX ID NUMBER.BY GETTING YOUR TAX RETURNEARLY, THE IRS IS MORE LIKELYTO RECOGNIZE A FAKE RETURNBEING FILED IN YOUR NAME.IF YOU THINK YOU'VE BEEN AVICTIM OF TAX FRAUD, I HAVE AFEW RESOURCES ON MY WEBSITEASKBRADZUCKER.COM TO REPORT ACLAIM.BRACE FOR YOUR TAX BILL THESOONER YOU CALCULATE YOUR TAXTIME WHEN PEOPLE HAVEEXPERIENCED LOSS OF INCOME ANDMINUTE TO RUN THE NUMBERS AND