You might have seen the news that Congress has agreed on the massive new stimulus bill, called the CARES Act.
As of this writing, the stimulus bill is NOT YET SIGNED. But it is getting very close.
And it might help you VERY much, depending on your situation.
I will have more to say early next week, once I review the full bill. (It’s 880 pages!)
And a reminder: we are still actively helping and serving Cleveland clients in the midst of this crisis.
Please feel free to contact us: (330) 225-3928 or shoot me an email through the email button at the top of the page.
ALSO: if you have friends who want to work with a Cleveland tax firm that is staying on top of this stuff, and can help them navigate getting EVERYTHING they deserve under this bill, please feel free to send them our way.
You can send them a link to this post, or have them give us a call.
Anyway, here are a few highlights from the stimulus bill, to make sure you heard things clearly from the source:
The first one is huge.
Freelancers/Solopreneurs WILL be eligible for unemployment benefits. (!) At least as of now, and the devil is in the details (which is why we’re here to help you), but from what I’m seeing, if your side-hustle or freelance business has been affected, you WILL get relief through this bill … and it could be significant.
The feds seem to be leaving it up to the states as to how this will get deployed, which is why you will want someone in your corner for this.
The checks that you will receive (and how it’s determined):
They landed on $1200 per adult and $500 per child … but again, there are those pesky details.
There is an income phase-out — $75k AGI for individual and $150k married/filing jointly and amounts begin to phase out.
This will be based on either your 2018 return OR an already-filed 2019 return OR your Social Security SSA form.
They will be “cleaning this up” in 2020 tax returns via credits etc.
Again, this is just a start. But I wanted to get this information to you ASAP so that we could start helping you.
AGAIN: send this update to your friends!
This stuff is a LOT to keep up with, and to understand correctly. We’d love to help them, and might even be able to handle their taxes on top of it all.
And I’ll be in touch in the following weeks and days with many more details.
We’re here to serve, so let us know how we can help.
Hinckley Tax Service
PS — I meant what I said above. Send me an email through the button at the top of the page to let me know if there is something we can do to help you.