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!
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