$2 Trillion Stimulus Breakdown
Due to the effects of the coronavirus, a $2 trillion stimulus package was passed to help relieve the strain that it has put on businesses and individuals. While the $2 trillion stimulus provides relief for many individuals and businesses, it doesn’t provide relief to all. Here us a breakdown of the stimulus package. Loan to industries: $500 Billion An inspector general and accountability committee will oversee the $500 billion loan to industries such as the airline industry and other industries. Cities and states will also receive some of...
read more2020 Stimulus Checks
“The CARES Act sends a $1,200 check to eligible adults earning up to $75,000. It sends $2,400 to couples earning up to $150,000.12 The income is based on 2019 adjusted gross income (or 2018 AGI if you haven’t yet filed your 2019 tax return). Eligible families will receive an additional $500 for each child under the age of 17.” https://www.thebalance.com/stimulus-checks-3305750
read moreQ&A From IRS Website
Q11. I haven’t filed my 2019 income tax return that would have been due on April 15 yet, but I expect to file it by July 15. What do I need to do? A11. Nothing, except file and pay any tax due with your return by July 15. You don’t need to file any additional forms or call the IRS to qualify for this automatic Federal tax filing and payment relief. If you expect a refund, you are encouraged to file your return as soon as you can so that you can receive your refund. Filing electronically with direct deposit is the quickest way...
read moreNew Deadline Date for Filing is July 15, 2020
“Treasury Secretary Steven Mnuchin announced that tax day will be delayed from April 15 to July 15. He made the announcement on Twitter on Friday, days after announcing a deferral on tax payments but not on filing day. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” Mnuchin tweeted.”
read moreJust In
“Treasury Secretary Steven Mnuchin on Tuesday said that individuals will be able to defer up to $1 million in tax payments to the IRS for 90 days in light of the coronavirus outbreak. Mnuchin said that the $1 million threshold was chosen to take into account for pass-through businesses that pay taxes through the individual code on their owners’ returns. He said that corporations would be able to defer up to $10 million in tax payments. The deferrals would occur on an interest-free and penalty-free basis, Mnuchin...
read moreIRS to Extend April 15 Tax Deadline
Due to the coronavirus, the April 15, 2020 deadline for filing federal income tax returns has been extended. While the new deadline has not been determined yet, it will be for this year only. For certain individuals and business that have been negatively impacted, tax payments will be deferred without any interest or penalties. President Trump has announced that assistance will be offered to business facing disruption due to the virus. While the new deadline is not yet determined, the new deadline is expected to be June 15 and October 15. With...
read moreSocial Security benefits while married
The Social Security decision you might regret if you’re married Social Security can be a tricky situation because there are many factors that go into Social Security that can’t necessarily be determined such as how long you will live and how long your spouse will live. Social Security gives you many options on the age that you can decide on claiming your benefits, but it can also affect the amount of benefits that you receive. You can start claiming your Social Security Benefits at 62 years old or even as late as after 70 years of age. If...
read moreWhat you may not know about retirement
More than half of retirement savers don’t know this Retirement Planning can be a stressful time. A recent survey showed that more than half of the people between ages 45 and older were not sure how to invest their money in retirement and did not know how their assets were allocated. A little less than half of the people surveyed were concerned about outliving their assets. It is important while investing for your retirement to know the difference between the principal and the earnings of your account. Principal is the amount of money that is...
read more
2020 Social Security Changes
Those receiving social security benefits are to see a 1.6% increase in their benefits for 2020. This is due to a cost of living adjustment by the Social Security Administration. This increase in the monthly payout will be around $24 for the average retired worker and about $20 for the average disabled worker. In order to get the 100% of their retired monthly benefit, worker’s born in 1958 will have to wait to retire until 66 years and eight months to retire. In addition, the worker’s that hit or exceeded the Social Security earnings cap...
read more
Find us online!