Skip to main content

Posts

Showing posts from 2020

Stimulus Check Information

Customers who use tax preparation services such as H&R Block, TurboTax and Jackson Hewitt complained on Twitter and to The Post that they didn’t get their stimulus payments Wednesday.
Up to 21 million tax filers could be affected, said consumer law expert Vijay Raghavan, because the IRS does not have these people’s direct deposit information on file if they received an advance on their tax refund from these companies or had the fee for tax preparation taken out of their tax refund.
The reason is that tax preparation companies received these people’s tax refunds first, deducted their fees and then distributed the remaining refunds to the customers. Because of that, the IRS had a “temporary bank account” on file that the tax preparer created for the 2019 tax season, Raghavan said.

Corona Virus Update on the Self- Employed for Unemployment benefites

Due to the CARES ACT that was just signed by the president, Self-Employed People now qualify for unemployment benefits. ⠀ ⠀ Due to the Coronavirus Pandemic the US government is working together with the states to provide unemployment benefits even to those who wouldn’t normally qualify, like self employed individuals. ⠀
Your respective states' unemployment guidelines and website will start updating their offerings in the near future to display this change (most haven’t yet) . ⠀
This can be referred to as “Relief for Workers Affected by Coronavirus Act”. ⠀

Here are list of the requirements to qualify for unemployment benefits under this new bill which refers to: ⠀

• The individual has been diagnosed or is experiencing symptoms of CV19 and seeking medical attention;⠀

• A member of the individual’s household has been diagnosed with CV19;⠀

• The individual is providing care for a family member or member of the individual’s household who has been diagnosed with CV19;⠀

• A child or other pe…
Hope this tax season is treating everyone kindly! Have a little laugh with me with this tidbit! The difference between dog people and cat people: Dog people wish their dogs were people, cat people wish they were cats -@simonsinek

Attention Seniors: New Form 1040-SR

New Form 1040-SR, alternative filing option available for seniors!
WASHINGTON ― The Internal Revenue Service wants seniors to know about the availability of a new tax form, Form 1040-SR, featuring larger print and a standard deduction chart with a goal of making it easier for older Americans to read and use.
The Bipartisan Budget Act of 2018 required the IRS to create a tax form for seniors. Taxpayers age 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors. Form 1040-SR, when printed, features larger font and better readability.
Taxpayers who electronically file Form 1040-SR may notice the change when they print their return. More than 90% of taxpayers now use tax software to prepare and file their tax return.
Taxpayers born before Jan. 2, 1955, have the option to file Form 1040-SR whether they are working, not working or retired. The form allows income reporting from other sources common to seniors such as investment income, Social Security and distribut…