COVID-19: Is everything you know about the IRS’ Coronavirus stimulus check sufficient?
The Treasury Department and the IRS announced that in less than three weeks, individuals must expect to see payments in their accounts in the form of an economic impact payment as a result of the coronavirus damage.
The distribution, which will be done automatically because the IRS already has your banking details, is an economic stimulus package aimed at keeping consumers, especially the low-income earners, spending on goods and services produced in the economy.
Clever move to keep economic growth numbers green, but what else must you know about this?
1. The maximum economic impact payment for individual taxpayers is $1200, and that of eligible couples will be $2400
2. Parents will receive $500 for each qualifying child
3. Tax filers with adjusted gross income up to $75000 for individuals and up to $150000 for married couples filing joint returns will receive the full payment. The amount decreases by $5 for every $100 in income above these thresholds
4. The stimulus is completely wiped off for an average family of four with an income of more than $218000
5. You are a senior citizen? Not to worry, everyone gets something, but you just need to file a simple tax return with the IRS and do so as quickly as possible.
6. More importantly, your payment will be determined by previous tax filing information. If you filed for 2019, you get the payment using that information, and if you haven’t, the 2018 tax return filing will be used
7. If you are unemployed or work as a sole trader, use your 2019, or 2018 tax return filing
8. Therefore, make sure to file a tax return so that you get the right payment
8. Therefore, make sure to file a tax return so that you get the right payment
All the above covers for small business owners who are self-employers, the IRS just needs to know your total income. So, before the July 15 deadline, file for your tax return and receive the stimulus in your account. All of this sounds gibberish to you? Not to worry, we are willing to walk you through it all, just get hold of us at any time of a working day.
Ps: If you have a question about what is happening? And what needs to be done get Coronavirus Stimulus check. Go to our Coronavirus FAQ: The Cares Act. Don’t forget that we can help you file your taxes! Have a Free Quick tax Chat with your Dave Ramsey Endorsed number 1 Tax Accountant. And to claim your COVID-19 tax relief.
