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> These rebates are structured as tax credits automatically advanced to households in 2020 if you filed a 2019 income tax return and would be received as a dire
by treyfitty 7y ago
> These rebates are structured as tax credits automatically advanced to households in 2020 if you filed a 2019 income tax return and would be received as a direct deposit or check by mail.
https://lacyclay.house.gov/media-center/press-releases/congressman-clay-explains-cares-act-rebate https://lacyclay.house.gov/media-center/press-releases/congr...
- 0xffff2 7y agoNote for anyone who's not aware, a "tax credit" is basically free money. It's not the same as a deduction, which only reduces your taxable income. A credit directly reduces the amount of taxes you owe, and in most cases if the credit reduces the amount you owe to a negative number the IRS will pay you that money.