03/20/2020
"How much would each person get?
Individuals would receive up to $1,200 ($2,400 for joint returns) and no less than $600 ($1,200 for joint returns). Families would receive an additional $500 for each qualifying child.
The check would have an income limitation starting at $75,000 for individuals and $150,000 for joint return. The amount that individuals would receive would be reduced by 5% of the amount of a taxpayer's income that exceeds $75,000.
The federal government is likely going to utilize tax filings as a deciding factor on who qualifies for a stimulus check. People are encouraged to file their 2019 taxes and if you're owed a refund (or owe money to the Internal Revenue Service) it will ostensibly not affect the stimulus check."
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Now is the time to get those 2019 Tax Returns filed!! As we pointed out yesterday with the Bridge Loan, apply for those federal loans because they might be converted to grants! There are so many terrible events taking over our lives right now, let's find that silver lining! We are here and ready to assist you with the preparation of the loan applications and of course we are ready and able to prepare and file your returns.
Details of a stimulus check proposal are still up in the air, but it already has support from the administration.