One of my tenants paid on time because she got her $600. Was going to be a week late. Our local pot club Tahoe Wellness had a long line outside on New Year’s Day.
Now we know where the stimulus money goes.
My wife handed out free food at the Lutheran church at Christmas. Mostly to late model cars. Passengers all looked well fed. One to a guy we know. A trust founder with a criminal record. A real dirt bag. Drives a Cadillac Escalade. Reminds me of the characters on Shameless. Had a passenger so he could get a double ration. Really good food. A lot from Whole Foods plus a Turkey or a ham.
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I give $$ to the food bank in Pine. The folks who show up there are skinny, raggedy, drive heaps or take the bags of groceries home on their bicycle handlebars.
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Got this from a CPA.
Just wanted to send a brief tax update since some fairly significant tax changes came out recently:
- President Biden signed the American Rescue Plan which provides a rebate of up to $1,400 per person for those making under $75k/$150k for single/married. The amount is fully phased out for those with adjusted gross income over $80k/$160k for single/married. For this rebate, it includes all dependents claimed on your tax returns regardless of age.
- The rebate amount is based on the most recently filed tax return, 2019 or 2020. So, if your income in 2019 is lower than 2020, consider waiting to file 2020 taxes until after you receive your rebate. If your 2020 income is lower than 2019, it is recommended you file your taxes by 7/15/21 (unless Congress pushes back the filing deadline for 2020).
- For 2020, up to $10,200 of unemployment compensation per person may be tax-free for those with Adjusted Gross Income under $150,000. The $150k AGI threshold is the same for single and married-joint filers. If you have already filed your 2020 taxes, you may want to consider filing an amended return.
- New rules allow eligible sole proprietors to use gross receipts to apply for new forgivable PPP loans. This may be a big benefit for many and is currently available for eligible taxpayers with active sole proprietorship income as well as those filing as single member LLCs. The deadline to apply for the PPP loan is 3/31/21.
- Forgivable PPP loans and Economic Injury Disaster (EIDL) grants are tax-free while expenses paid with those funds remain tax deductible for IRS purposes. For California purposes, those expenses are currently non-deductible. A current assembly bill may change that to be more favorable for taxpayers. As such, if you have received an EIDL grant or a PPP loan and file taxes in CA, consider extending your 2020 taxes until more guidance is issued on this matter.
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My reported income for 2019 was just over 70k. I received one check for a little over $600 and a second, just a few weeks ago, for $86. I’m not sure how the IRS came up with the numbers. My 2018 return showed a little less income.
thanks for this info. I thought this was applied in 2021.
I always use Turbo tax and have not file 2020 yet.
Hopefully Turbo has this updated as soon as Biden signs the Bill.