The CARES Act has provided relief across the board. For those of us who have student loan debt, the CARES Act has come in with a plan to help manage those payments for the time being. But, is everyone covered?
There is no question about it. Student loans are a big deal. The education that came along with accruing the debt is priceless, but when that bill comes every month it can be hard to remember that. Although we have had some positive steps forward in our economy since the pandemic hit earlier this year, many of us are still dealing with financial strain. When money gets tight, the first things that come to mind are taking care of the essentials; a place to live, food, transportation, and your bills. For a lot of Americans, this has been hard to take care of. Student loans put pressure on many, regardless of what was going on in the country. Thankfully, when the CARES Act was signed, relief was finally here. Those with student loans were going to get a little break. But, did that mean everyone with student loan debt was going to feel this relief? Sadly, no.
The United States has seen relief and support in more ways than one through the ongoing pandemic of COVID 19. The CARES Act has been one such support system. It has provided small business loans, helped with those planning for retirement, given us our stimulus payments, and it also ushered in relief for the payment on student loans. According to Dave Ramsey and AmericanProgress.org around 43 MILLION adults in America have student loan debt. The CARES Act gave many Americans one less thing to worry about. It has allowed thousands of Americans to allocate these funds to keep food on the table and the lights on. While many of us waited for our stimulus checks to appear, this was cause for celebration. But, it didn't mean a celebration for every student loan holder. While this aid did help those 43 million Americans, it didn't help them all.
In any situation before the pandemic, to stop or pause your loan payments you would have to prove that you were financially unable to pay your loan. When you proved this, you would then qualify for a forbearance or deferment. These are the technical terms for putting your loan on hold. While your payments are paused, your loan continues to accrue interest while it's in forbearance. With the CARES Act, every federal student loan was automatically put in forbearance, your loan payments were paused, and no interest will accrue until its end date, according to Forbes and Dave Ramsey. You do have the option to continue your loan payments if you wish, and it is recommended you do so if you can afford it.
Did you notice the specific loans that are being taken care of by the CARES Act? Only federal student loans. These loans are personally owned by the United States Department of Education. Any other private student loans that are not federally owned will not be covered under the CARES Act. To give you a better idea, here is a list of federal and private student loans that are and are not covered:
As of now, according to Dave Ramsey, the loan forbearance and the 0% interest will last until September 30th. This could be extended, but only time will tell. Please note that this is not the government forgiving all of your federal student loan debt, nor are they paying your loan for you. Once the CARES Act ends, you will need to pick up where you left off. If the focus of your money needs to be survival, then take advantage of this opportunity. If you can keep paying your student loan, continue to do so. Regardless of your decision, take this time to save up as much as you can. If these last three months have taught us anything, being prepared is a must.
If you do have a private student loan, there are some companies out there that are offering some relief during this time, according to Forbes. This is not true of every company and they are not legally mandated to do so. If you are having issues paying your private student loans, call your loan company immediately and see if there is something you can do. If you are going to put your loan on forbearance, make sure to ask about the interest that will be built up.
This Act has done a lot of great things, but there is a darker side to it. According to Forbes, there was more damage done than relief. There have been reports that one, if not more, of the U.S. Department of Education loan services, reported borrowers loan status to credit bureaus. This very improper move lead to serious credit damage. Some have even had their tax refunds seized, illegally, by the Department of Education. The Department of Education claims that all tax funds have been repaid, but some citizens are still waiting. Lawsuits have even been filed, says Forbes.
As much as the CARES Act has helped, was it worth it? Will it be able to sustain the country in the months to come? As much as it has seemed to help a good number of people, it has also seemed to fail many others. If you have any questions about your finances during this time, need help with your tax payments or tax money for 2019 or 2020, please never hesitate to contact us. We are here to support you and our amazing community of Goose Creek! 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!
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!
Write something about yourself. No need to be fancy, just an overview.