The pandemic has affected us in many ways. Sometimes, it's difficult to keep up. For those who receive supplementary security income, receiving financial support has been an interesting battle.
Hello Goose Creek! We hope this finds you healthy and well. Times are still unsure, but there is a ray of hope in how our beautiful state is starting to open up bit by bit. The waves of financial help have been an interesting experience, and each of us has been affected in different ways. For those of you who receive supplementary security income or SSI, it has been a difficult and interesting experience to go through. But, there has been an update to your economic impact payment. In this blog, we will be discussing what this update is, how to apply for as much financial help as you can, and what this will look like for you over the next few years. These specific benefits for SSI recipients were created to help you as much as possible and to help care for and supplement your children.
For those new to the term, SSI pays benefits to adults with disabilities and also helps pay for children who have limited income and resources. It also financially helps those who are 65 years and older who don't have disabilities but who meet the financial limit and need assistance.
For those of you who collect SSI, you had until May 5th of this year to go to the IRS website and fill out the IRS non-filer tool to list and receive $500 for each of your qualifying children. A qualifying child is one that is 17 years old or younger who is under your care and your responsibility. If you did not make this May 5th deadline, you will have to wait until tax time of next year to apply and receive this financial help. Even if you did miss the deadline you will be able to (if you haven't already) receive your $1200 stimulus check. You will receive them either in paper form or through direct deposit. Please note that the IRS will be sending you these checks, not the Social Security Administration. If you have any questions about filing or any questions about a qualifying child, contact the IRS offices. Not the SSA.
Be aware, as we have mentioned in some of our recent blogs, there are a lot of scams out there targeting SSI beneficiaries directly. There is no fee or anything you have to give to receive your stimulus check or your impact payment for your qualifying children. The only thing you were required to do was to fill out the non-filer tax form on the IRS website. If you have already missed this cutoff, make sure to still apply and fill out this form. Even if you don't receive this money until next year, you are entitled to it. The information that the SSA gives to the IRS every year doesn't provide them with any information about your dependents (your qualifying children). Not filing at all will prevent them from knowing that you have dependents that qualify for this $500. If you did file on time, you should have started to see your money mid-May. You will receive the money just like you would with your normal SSI benefits. When you do begin this process and use the non-filer form, be prepared to create an account. You will need to provide information for each of your qualifying children. You will need to provide contact information, social security numbers, your address, email account, and phone number. Be prepared and have this information ready for when you do file.
Do NOT apply for this or through the non-filer form if you did end up filing your 2019 tax return. If you are required to file, this tool will not speed up the process of getting your payment, it will slow it down. If you are someone over 65 and you're caring for a child 17 years or younger, please know that you are also eligible for these benefits. If you missed the cutoff date, make sure to file for these benefits so you can receive them in 2020.
For everyone who receives SSI benefits and those who are eligible for this economic impact payment, we hope this helped. Don't forget, we are always here for a consultation if you need help! Never hesitate to reach out to us if you have any questions about your taxes, filing for taxes, and so on. We are here to help our Goose Creek family and stand with you during these difficult times. Remember if you are looking for the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!
You can follow the Social Security Administrations Offices on Facebook, twitter, and their blog by following the links below:
For Updated information about the current pandemic and how it will affect you financially, visit the IRS website!
With the recent announcement that the unemployment rate is at its highest since the great depression, more and more people have needed to apply for unemployment. With the high volume of people calling and applying every day, it's become a challenge to get any kind of relief money. During these difficult times, we wanted to share some tips and suggestions on how to make the process of applying for unemployment a little less painful and to help get the money you need now!
Hello Goose Creek! We hope during these unknown times you continue to remain healthy and safe. We have been watching the news as closely as many of you have, and we are anxious to see what things will be like as everything is slowly allowed to open up. We are still diligently working for all of our clients, and we are here for all of your tax preparation needs as we get closer to the new tax date of July 15th.
Many of us are still waiting for our stimulus checks, our tax returns, and our small business loans to be approved or to show up. With the delays being connected to many different and unique factors, it's still hard to know exactly when our personal financial relief will finally appear. With the unemployment rate continuing to skyrocket, more and more people need and have been applying for unemployment. Many of the people who are applying are doing so for the very first time. Over 33 million people, it has been estimated, have applied for unemployment over the past two months. This number is expected to rise as businesses remain closed. With this incredibly high demand, it has brought an extreme amount of frustration to those who have been attempting to apply with no success. People are spending countless hours trying to get ahold of anyone to help them with their application process with no success, and heaps of frustration. With this headache adding to the stress we're already carrying, we wanted to share some tips on how to make the process of applying for unemployment during this pandemic a little less painful.
The new stimulus relief bill that the president signed in March for $2.2 trillion in relief money has changed who is now qualified for unemployment. Before the pandemic hit, those who worked part-time or who were self-employed and lost work or clients were unable to apply for unemployment. Now, that has all changed. Thanks to the new stimulus package full time, part-time, self-employed, those who collect veteran or social security benefits, those whose businesses have closed due to the pandemic, those who were unable to start a new job, or those who now have to care for children or family members whose care facility was closed due to the pandemic, are now all eligible to apply for unemployment. The new stimulus package will be giving its recipients an additional $600 a week on top of their state's weekly benefit that they have been deemed eligible for. It is also providing an addition 13 weeks of unemployment benefits to those who are eligible. You will not be eligible for unemployment benefits if you're able to work from home. You are also not eligible if you've quit your job out of fear of getting COVID-19. On the other hand, you are eligible if you have had to leave your job and self-quarantine due to possible exposure.
Each state is unique in how they handle their unemployment claims, and how and when you can apply. Who is and who is not eligible is still a little hazy, so you need to pay attention to the small print. That is where a lot of the frustration can come from and why so many people are calling unemployment instead of just filing right away online. The fine print is peppered across all the documents you need to fill out to apply and they can be very confusing, leading to those high call volumes. There are some things you can be doing that can make the process a little less painful, though.
These are unknown times, and losing your job or getting your hours cut can add on extra worry and stress. There is nothing wrong with applying for unemployment or asking for help on how to apply. It was created to help during times of crisis, and the money it can give you and your family can help you survive. Take the opportunity to apply for it if you need it. Never hesitate to reach out to us if you have any questions about your taxes, filing for taxes, and so on. We are here to help our Goose Creek family and stand with you during these difficult times. Remember if you are looking for the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!
It's tempting to use your tax return to buy something fun and exciting. It's also such a relief when those funds show up in your bank account. But, in a world that is very unsure and uneasy, it might be time to think practically when it comes to your tax return this year!
Hello Goose Creek! How are you? We hope you and your family are doing well, and we hope you know we miss you! Know that through everything we are here for you, and if there is anything we can do to help you, please don't hesitate to reach out to us! It was a much different April than any of us expected or could have imagined. Tax day came and went without much attention. For the first time since 1955, when April 15th officially became tax day, we didn't have to pay our taxes on that day. It was also the first time since 1955 that tax day was moved, this time to July 15th. It was very strange for us, of course. But, we know that for many families in Goose Creek, this might have been a huge relief! Did this help you and your family? If you still haven't paid your taxes, you do have time to do so. But, we do recommend that you do so as quickly as you can. This way you can receive your tax return quicker and possibly your stimulus check too if you haven't already!
Regardless, for every accounting service in Goose Creek and tax preparation in Goose Creek, this was a very strange April. Thankfully there are still plenty of great things to look forward to on the horizon. One of those great things being the appearance of our tax returns in our bank accounts or mailboxes. For many families, the appearance of this money comes with a lot of relief, bills being paid, and sometimes something very fun for the whole family. But, as we mentioned before, this April and the whole of 2020 has created quite a different dynamic for our everyday lives. As much as we love surprising the family with a new TV, A new car, or a family vacation, now might be the time to look at your tax return in ways you never have before. Being the best tax preparation service in Goose Creek, we wanted to share some of the best and worst ways you can spend your tax return. By doing so, we hope to help bring awareness to what is important right now, and what isn't. Please note, we are a family company. We love our town and want each of you to rise to the best of your abilities. We respect the freedom of your decisions but want to help you through these difficult times as best we can.
WHAT NOT TO SPEND YOUR RETURN ON!
WHAT TO SPEND YOUR RETURN ON!
Money can be a difficult and tricky topic, but it doesn't have to be. We hope these tips help you and your family through this difficult time. Remember if you are looking for the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!
Money for many of us is tighter in new ways than we could ever have imagined. How can you make life a little easier while you adapt to the changing world around you?
It seems strange that while the world is turned on its head and we are living differently than we ever have before, there are still bills to pay, groceries and important items to buy, and other possible expenses heading our way. Before your tax return shows up and the stimulus check appears in your bank account, money might be very tight at the moment. For those of you who have been put on furlough or have been laid off from your job and you're now depending on an unemployment check or your savings, these times are even scarier. For those who don't have unemployment or savings, these times could be very dire. We understand, and we sympathize with you. With these changing times, we wanted to share a few tips and pieces of advice to help manage your money while the world is on hold. We hope these tips and suggestions help while you wait on your tax return, your stimulus checks, and to head back to work.
At the end of the day, the biggest thing you need to focus on is to not panic and to make wise decisions. Panicking can lead to some very drastic decisions, especially when it comes to your money. Please remember we are all going through this together. We are here to answer any questions you might have or to advise you during this difficult time. We are still here to offer everyone in Goose Creek the best tax services too. Please don't be a stranger. Give us a call or email us, we will figure out your next best step, together!
The face of tax day has been changed by the state of the world. But what does this all mean for us as individuals? How is this going to affect how each of us is expected to pay our taxes?
Tax day truly means something very different than it has in all of its history now than ever before. This year, as of recent legislation, tax day has been moved from April 15th to July 15th due to the COVID-19 pandemic. Even in very normal situations, this is a very stressful time for everyone. During this unknown and uncharted time, it has become very stressful at a whole new level for businesses, closed businesses, employees who have been temporarily laid off, and for everyone not knowing what to do next. The government and the IRS hoped that this 90-day extension would ease the stress of not having funds on hand to pay for your taxes by their original due date, due to the loss of your job or paycheck, all in hopes that by July 15th everything will have returned to normal. It's is a very optimistic hope and wish that it is, and all of us are hoping that by July all of this will have blow over, but who knows what could happen.
If you have already filed your taxes, we hope that your tax return is safely in your hands and has helped you through this difficult time. If you're planning to file and pay your taxes before the new July 15th deadline, the IRS is still processing paperwork and is ready to get your tax return back to you. But, if you still need more time, then you're in luck. Unlike a traditional extension, this is allowing filing and payment to be both sent in by July 15th. But, the IRS understands that you might be needing your return more than ever this year. This new deferment is just giving you a chance to take more time to file if you need it. All of us here at Hoods are ready to support our Goose Creek family through these new changes and to help guild, instruct and file for you. But, with all of the changes, do you know what this deferment means and who it applies to? Is this going to help you individually or not?
As of March 20th, the IRS made the official statement that federal income tax filing was moved to its new date of July 15th. Taxpayers are also able to defer federal income tax payments without any penalties and interest, no matter how much is owed. Thankfully this new deferment applies to all taxpayers. This means individuals, those who pay self-employment taxes, corporations, businesses, and trusts and estates. Everyone can benefit from these changes without any penalty. There is also limited paperwork that comes with this change. Unlike a traditional deferment, you do not need to let the IRS know that you're filing later. If you haven't filed by April 15th, the assumption will be made that you are going to be using the new due date as your official tax day. If you do decide to follow the new deferment, and July 15th is still not enough time, you can still ask for an additional extension. This is where the new paperwork comes in. If you need more time as an individual, you will need to file Form 4868, and businesses will need to file Form 7004. Outside of that, no new paperwork is needed!
Even with this extra relief, the IRS still recommends that you file as soon as possible, as the future is still very unknown. To help your financial situation and to get your return back to you as quickly as possible, they are taking no longer than 21 days to get your paperwork filed and refund to you. As we mentioned in past blogs, filing closer to the due date can cause your return to take up to 30 days if not longer to get back to you. This is no longer the case. The IRS is working harder and faster to help out where ever they can.
With the daily changes happening in our country, and the IRS being a vital key to keeping our government afloat in the days ahead, there could be a few bumps along the way with your taxes. Please be patient with them. We also recommend filing online if you were planning to do otherwise. All IRS workers have moved to remote work, and will no longer be accepting appointments in person. Hoods is still here to help you, but we suggest for all business to be done over the phone, through email, and other digital forms of communication for safety sake.
Tax time has never been more unique or shrouded with so many unknowns. During this time, if you have any questions or concerns, we continue to be your tax specialist in Goose Creek. We will get through this together, successfully get your taxes filed, and happily get your tax return back to you and your family. Continue to stay safe and stay at home!
Write something about yourself. No need to be fancy, just an overview.