$1200+ TAX STIMULUS CHECKS EXPLAINED! (Very Detailed)| Stimulus Package 2020

Описание: $1,200 to $2,400+ Tax Stimulus Checks Fully Explained. (United States Tax Law) Learn everything you need to know about theses checks. This video will help you answer the following:
What the tax stimulus check is?
How to determine if you receive one.
How to receive tax stimulus check fast
How to maximize your tax stimulus
Tax stimulus check if you are a dependent
Will you have to pay it back, and much more.

Handout shown in video can be found here: https://www.dropbox.com/s/ydtd7tj5mai...

Time stamps so you can jump to any point in the video:
1:07 What is the 2020 Tax Stimulus check?
1:29 How to determine if you will get a check
3:13 Tax Stimulus if retired
3:36 Will college students or dependents get a check?
4:30 Other scenarios where you may receive a tax stimulus
6:03 When will you receive the Stimulus check
7:44 Watch out for tax Stimulus Scams!
8:31 How large can your tax stimulus check be?
9:07 Income phaseouts for the Stimulus checks
10:18 Is the tax stimulus taxable to you? Maybe......
11:58 Retirement plan changes due to Stimulus
13:05 Tax relief for small business owners (SBA GOV LOANS)

What is this tax stimulus check?
The stimulus is an advance of a refundable tax credit on your 2020 taxes.
Will you be getting a check?

Tax Filings Requirement (If not retired):

It could. File a return immediately, at least for 2018, according to the I.R.S. website. “Those without 2018 tax filings on record could potentially affect mailings of stimulus checks,” the site says.
The stimulus is an advance of a refundable tax credit on your 2020 taxes.
In other words, the bill created a refundable tax credit and the IRS is paying out the amount of that tax credit to eligible taxpayer now. Since the IRS does not have your 2020 tax year information, it will use a previous year’s information to calculate the amount.

What if I’m retired, only receive social security and do not file taxes?
Those who receive Social Security retirement or disability benefits but earn too little to have to file returns, will also receive stimulus checks, based on the information sent to the IRS on 2019 forms SSA-1099 and RRB-1099 . (College students and older teens who are dependent on their parents for more than half their support aren’t eligible for the checks, even if they earn a little money on the side.) Use this calculator to get an idea of how much stimulus money you’ll need.

What if I’m a college student or dependent of someone else?

College students and older teens who are dependent on their parents for more than half their support aren’t eligible for the checks, even if they earn a little money on the side.) Use this calculator to get an idea of how much stimulus money you’ll need.

What if I'm unemployed or Veteran?

Yes, as far as i’m aware of you will receive a check. Not working will not be in-eligible for the check.

What if i’m a US Citizen living abroad?

Yes, as far as i’m aware. However to my understanding you need to have a valid US social security number for this to apply to you.

What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment?
The plan does not help people in that circumstance now, but you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year. So it will depend on how much you earn.

How soon will I receive the check or direct deposit?

Treasury Secretary Steven Mnuchin said he expected most people to get their payments within three weeks.
If my payment doesn’t come soon, how can I be sure that it wasn’t misdirected?

According to the bill, you will get a paper notice in the mail no later than a few weeks after your payment has been disbursed. That notice will contain information about where the payment ended up and in what form it was made. If you couldn’t locate the payment at that point, it would be time to contact the I.R.S. using the information on the notice.

SBA Loans Relief for Small Businesses
https://www.sba.gov/page/coronavirus-...

Links/Resources:
https://www.forbes.com/sites/jimwang/...

https://www.nytimes.com/article/coron...

https://tax.thomsonreuters.com/news/

https://www.sba.gov/page/coronavirus-...

https://www.kiplinger.com/tool/taxes/...

https://www.kiplinger.com/article/tax...