Stretch your Dollar: Expert explains how waiting to file taxes could impact stimulus delivery

Stretch Your Dollar

(WTNH) — Uncle Sam is giving you more time to file your taxes. But the longer you wait, the longer you may have to wait for that stimulus check. We are stretching your dollar with why it’s better to get your hands on it sooner.

Many families have received the third stimulus check to go out, but for those who haven’t, it could be because you haven’t filed your taxes yet.

The longer you wait, the longer it may take you to make any kind of impact.

Roger Cowan with Cowan Tax Group said, “It’s the hope of the government you will spend the stimulus check to stimulate the economy.”

Cowan said there are two ways to make an impact on the local economy:

  1. Order takeout somewhere; dine out safely
  2. Donate to charity

There are a lot of businesses struggling that could use a boost as the state reopens. That’s only after you smartly give yourself a boost.

“The average American family has over $6,000 in credit card debt. Don’t be a slave to debt. Take the stimulus check, reduce your debt,” Cowan suggested.

And if the pandemic has taught us anything, it’s that a savings account is more important than ever.

Cowan said, “Statistics show, 46 million Americans have completely exhausted their emergency account.”

Cowan suggested you ensure you are secure with savings and retirement accounts before splurging on other items.

As a rule of thumb going forward, he suggests saving 10-15% of every paycheck in your 401K.

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