Roanoke accounting most of you are aware


The IRS opened electronic filing yesterday, February 12, 2021. Every so often we will try to bring issues to your attention that may affect you. Due to COVID, there may be some tax consequences that may cause you to have to rethink how you prepare your return. Today we will focus on the stimulus checks.

As most of you are aware, Congress sent so far two rounds of stimulus checks to the American citizens. In the spring of 2020, 1,200 was sent to each individual and an additional 500 for each child below the age of 17. In January of 2021, another round was sent in the amount of 600 for each individual and 600 per child. The above amounts are reduced phased out when income goes above 75,000 for single individuals and 150,000 married couples. The IRS based all of the above on your 2019 tax return.

The above is fine for most that have received your checks. But many Americans have not received their checks. The IRS remedied this by allowing you to receive you stimulus money as a refund on your 2020 tax return. But to receive it, they are basing your income on your 2020 tax return versus your 2019 return. Ive found that this may be a problem for many.

Roanoke accounting most of you are aware
Roanoke accounting most of you are aware
Roanoke accounting most of you are aware

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