12/30/2020
HELLO, GREETINGS FROM HALAL ACCOUNTING FINANCIAL AND INVESTMENT SERVICES,
WE WOULD LIKE TO WISH YOU A HAPPY NEW YEAR AND BLESSED TAX RETURN FILLING SEASON
BELOW ARE FEW ITEMS WE WANTEED TO SHARE:
Our new contact information:
Tel: 202-361-3021
E: [email protected]
Website: www.halalaccountants.com
NEWS:
We wanted to share the latest information on the upcoming stimulus checks and unemployment benefits.
Each U.S. adult and child will get up to $600, with roughly 80% of Americans expected to receive the full amount.
Like the CARES Act passed in March, checks will get smaller for higher income groups:
Payments phase out at a rate of $5 per every additional $100 (or 5%) in income starting at $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples filing jointly. (For example: A single, childless adult who earns more than $99,000 would get no money.)
Only children younger than 17 are expected to be eligible, much like the first stimulus check. College students and adult-age dependents were left out in March as well.
So most people will get about half as much as they received in the first round of stimulus checks. If you received $1,200 last time, expect $600 this time. It’ll be a little different for families, as a married couple with two children received up to $3,400 in the first round; that same family of four would now receive $2,400.
The amount you receive will be based on income calculations from your most recent tax return: Look at Line 7 on your Form 1040 for “adjusted gross income” to see how much you qualify for, or use the online calculator below.
If you earn more than the income caps, you will receive payments reduced by $5 for every $100 above the limits.
Reach out to us if you have any questions:
Thank you for your continued business support.
Sulaiman
