You might have seen the news that Congress has agreed on the massive new stimulus bill, called the CARES Act.
As of this writing, this 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 soon, once we review the full bill. (It’s 880 pages!)
And a reminder: we are still actively helping and serving clients in the midst of this crisis.
Please feel free to contact us.
ALSO: if you have friends who want to work with a tax company 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 forward them this blog post, or send them to our website www.pronto4tax.com to find an office location and/or team member to assist them ASAP.
Anyway, here are a few highlights of the new 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 we are 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 $1,200 per adult and $500 per child under age 17… but again, there are those pesky details.
There is an income phase-out — $75k Adjusted Gross Income (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, and we will have more info for you soon. But we wanted to get this information to you ASAP so that we could start helping you.
AGAIN: send this blog post to your friends if they also have questions!
This stuff is a LOT to keep up with, and to understand correctly. We’d love to help as many people as we can.
We’ll be in touch soon with more details and more answers as Congress works to finalize the actual bill.
We’re here to serve, so let us know how we can help.
Pronto Income Tax Team
PS — We meant what we said above. Email us back directly if there is something we can do to help you. We are working hard to be as responsive as we can during these challenging times.