HOODS TAX
  • Home
  • The Hoods Family
  • Services
    • Tax Preparation
    • Bookkeeping / Payroll
    • Quickbooks Services
  • Contact
  • Blog
  • Login
  • Home
  • The Hoods Family
  • Services
    • Tax Preparation
    • Bookkeeping / Payroll
    • Quickbooks Services
  • Contact
  • Blog
  • Login

​Hoods Tax &
Accounting Blog


​​​THE INFORMATION IN THIS BLOG IS INTENDED TO PROVIDE GENERALIZED INFORMATION DESIGNED FOR A BROAD SEGMENT OF THE PUBLIC; IT IS NOT PERSONALIZED TAX, INVESTMENT, LEGAL OR OTHER BUSINESS AND PROFESSIONAL ADVICE. YOU SHOULD ALWAYS SEEK THE ASSISTANCE OF A PROFESSIONAL WHO KNOWS YOUR PARTICULAR SITUATION FOR ADVICE ON YOUR TAXES, YOUR INVESTMENTS, THE LAW OR ANY OTHER BUSINESS AND PROFESSIONAL MATTERS THAT AFFECT YOU AND/OR YOUR BUSINESS. ​

How To Claim Unpaid Stimulus Money On Your 2020 Tax Return

2/17/2021

0 Comments

 
Picture
hile many of us received both of our stimulus payments, for many Americans that was not the case. Today, we are going to be talking about how to claim your stimulus payments on your 2020 tax returns. 

Tax season will officially be here on Friday, February 12th, and while all Americans are preparing to get their taxes in by April 15th, many are still waiting for one or both of their stimulus payments to arrive. Great news, the two go hand in hand! You can claim your missing stimulus money on your 2020 tax return. Even if you are a nonfiler, you are still able to file a 2020 tax return and receive your stimulus funds. Today, we are going to be talking about how best to do that and why you will want to file your taxes as early as possible to help benefit future stimulus payments. 

How Do I Claim My Missing Stimulus Payments On My 2020 Tax Return? 
While tax season might bring on stress and worry, take comfort in the fact that if you've not received one or both of your stimulus payments or you feel like you were not given the correct amount by the IRS, filing your taxes can help you take action to get the money you're owed! 
  • Tax preparation companies, like Hoods, are already accepting returns. However, you can not begin filing until Friday, February 12th. The faster you prepare your taxes, the quicker you can file them. The quicker you file your taxes, the quicker your tax return and missing stimulus money will be returned to you! 
  • When filing, look for line 30, which will be labeled as Recovery Rebate Credit. It will appear on both 1040 and 1040-SR tax forms. 1040-SR tax forms are for those aged 65 years and older. Nowhere on your taxes will it mention stimulus checks or economic impact payments, it will only be referred to as your Recovery Rebate Credit. 
  • On line 30, you will need to list what you have been given in total from the IRS (even if that is $0) and what you are owed. It is as simple and as easy as that. This will then increase the amount of the refund you will receive or it will decrease the amount that you will owe the IRS. Do not include any other amounts, writeoffs, or tax credits on line 30. Only list the amount you are owed from missing stimulus money. 
  • Please remember that the first stimulus payment was worth up to $1,200 per adult earning $75,000 a year and below. If you made more, the amount provided decreased. The payment for couples was up to $2,400 for those who earned $150,000 a year and below. The amount also decreased depending on how much more filing couples made together over that amount. 
  • The second payment was up to $600 per individual and up to $1,200 per couple, depending on the same regulations and guidelines as the first stimulus. 
  • For the first stimulus, individuals could also receive an additional $500 per child under the age of 17 and $600 per qualifying child in the second round of stimulus payments. If you did not properly claim your children or guardians or did not receive these funds in either stimulus payment, these funds are still available for you to claim in your 2020 tax return as well. Please add this amount to what you write in on line 30 of your Recovery Rebate Credit. Please also make sure to adjust who you claim on your taxes to avoid any other issues like this in the future. 
  • You also might qualify for more money if your income or household size has changed. Stimulus payments were based on 2019 and 2018 income and household sizes. If this has changed for you and your family, it could mean you are owed more stimulus money. 
  • Even if you don't normally file your taxes, according to the IRS, you must file a 2020 tax return to claim the credit that you're owed.
  • By visiting the IRS website, you can see when and how you were issued both payments. However, as of January 29th of this year, the Get My Payment page on the IRS website will no longer be updated for the first and second economic impact payments. If you are not provided with a payment date for either stimulus payment or have not received one or both, then you can claim your payments on your 2020 tax return. 
  • Filing your tax return early might even help out with guaranteeing any future stimulus payments. While a third has not officially been set, the president has made moves to propose one and it is currently being discussed. Filing sooner might also guarantee that you receive all the money you're owed next time, meaning less hassle for your future tax filing and more money when you need it. 
  • The current bill being proposed by the government could lower the income amount for those who receive the full stimulus amounts. For example, single filers who make $50,000 and below instead of those who make $75,000 and below would receive the full amount. So, filing now will help make sure that you receive your full amount of economic relief according to the 1st and 2nd payment standards. 
  • If you do file sooner rather than later, the third proposed stimulus check could be paid properly and in full, and it will be based on your 2019 and 2020 tax return, whichever they have most recently on record. If you made less in 2020 or had a baby, and the IRS only has your 2019 taxes on file, your stimulus payments would reflect your status of 2019 and not 2020. 
  • Please remember that the fastest way to receive your return and your missing stimulus funds is to file online and to have an active direct deposit account on file with the IRS. The IRS is saying that 90% of filers will receive their refunds in 21 days or less! 
  • If you owe money to the IRS, the money you are owed from the Recover Rebate Credit will be applied to the debt. Even if you are still owed stimulus money, you might not receive all of it if you owe the IRS. 
  • Please remember that you will not have to pay any taxes on any of the stimulus money you have received or any that you will receive in the future. 

We know 2020 taxes and future stimulus payments might be difficult to navigate, but we are here to help in every way possible. If you are still concerned about filing your 2020 taxes or about receiving your stimulus payments, please don't hesitate to reach out! Please know that all of us at Hoods are here to help you, and we want to help you receive your tax return as quickly as possible! Please reach out to us if you'd like to begin working with us or have any questions or comments! Is there a topic about taxes that you would like to learn more about? Let us know and comment below! 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!

0 Comments

Larger Fonts for Senior Tax Filers

7/29/2020

0 Comments

 
Picture
Filing your taxes can be difficult the older you get, but thanks to a brand new form that has been created for taxpayers over the age of 65, this will no longer be a problem!

Money is a part of your whole life. From the first time you asked for an allowance to the first dollar of retirement that you spend. Taxes, too, are just as prevalent once we start earning money, and will follow us through until the end of our lifetime. We are a family company here at Hoods, and we want to help and care for all of our families in Goose Creek. We have made it and are now just a few weeks past 2020's new tax day of July 15th. We will be busy over the next few weeks helping all of our amazing clients get their tax paperwork finished and taken care of. As we finish up this year's tax season, we wanted to take some time to talk about our seniors and retire clients, and share some exciting news for their next tax season.

Doing taxes has now become easier than ever before thanks to the Bipartisan Budget Act of 2018, according to CPA Practice Advisor. As part of this new act, the IRS has made special tax forms for senior taxpayers, the 1040-SR US Tax return forms. These forms come with larger fonts and better readability. With the fonts being larger, the forms will now be two pages instead of one. To help with readability, you will also see a change in the coloring of the forms. Any shading that had been previously used around text boxes has been removed. Even better, these forms are available to fill out both online or in their paper form that can be submitted through the mail. The IRS, since they released these new forms, have "wanted seniors to know about the availability of this new tax form" and we will gladly help them spread the word. The form, along with its new features will include a standard deduction chart, too.

We understand that the process of learning and growing through each wave of taxes in your life is hard. From learning how to do it for the first time, learning how to file for the first time as a married couple, and learning how to file once you retire and begin collecting from social security is all hard to keep up with. Thanks to the 1040-SR forms, the IRS is taking steps to ease at least one of these transitions while we are here to help with the rest.

You don't have to be retired to use these forms either. As long as you were born on Jan 2, 1955, and before, they are available to you. If you are still working, have multiple sources of income, are receiving social security, annuities, or more, these new forms allow you to report on all of it. Not only is the readability much better, it's aimed at cutting down on extra work and stress. The from even allows you to choose to take the standardized deduction or itemize your deductions. The chart that is provided on these new forms will make taking that standardized deduction much easier. If the taxpayer wants to itemize, they will just need to include the Schedule A itemized deduction paperwork with their 1040-SR return. Also, according to CPA Practice Advisor, these new forms make sure that seniors are "aware of the incredible standardized deductions for taxpayers 65 years and older."

What if your partner isn't 65 years or older but you are, and you plan to file together? That's ok! You will still be able to file together and you can use the new 1040-SR form to do so if you wish. According to CBS News, this will make filing taxes easier for at least 10% of over 150 million Americans who file their taxes. It will also, thanks to its new set up, allow seniors to use the form to see if they'll be getting a refund or not right away and to know what amount they will be receiving. It will give this generation of taxpayers the freedom to continue to handle their taxes and their finances, which we love to see. Seniors who have a dependent child or grandchild are still able to take a tax credit for them as well with these forms. Ironically, as much as we have been thanking the IRS for these new forms, it was thanks to a very long battle fought and won by congress that made the 1040-SR forms a reality.

Now that this tax season has come to a close with the passing of July 15th, please keep these new forms in mind for preparing and filing your 2020 taxes next year. We could still see more financial changes in what remains of 2020, so filing may be even more unique next year than we can guess. We will be here to help you through these changes if they appear. But, if you haven't been aware of these new forms, we hope that they will help you in the future. 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!

0 Comments

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018
    November 2017
    October 2017
    May 2017

    Categories

    All
    1040
    1040-sr
    2019 Taxes
    2020 Tax Bill
    2020 Taxes
    2020 Tax Extension
    2020 Tax Return
    2020 Tax Season
    2021 Taxes
    2021 Tax Season
    2022 Tax Day
    401(k)
    529
    529 College Account
    529 Saving Plan
    Accountant
    Accounting
    Accounting Goose Creek
    Accounting Principles
    Accounting Services Goose Creek
    Agoraplaus
    April 15 2021
    April 15th
    Asama
    ATM
    Back To School
    Bankruptcy
    Basecamp
    Basics Of Accounting
    Black Shopping Alternatives
    Bookkeeping
    Bookkeeping Basics
    Bookkeeping Goose Creek
    Bookkeeping Goose Creek Sc
    Budgeting
    Buffer
    Building A Business
    Business
    Business Consulting Goose Creek
    CARES Act
    CARES Act 2020
    College Loans
    College Planning
    College Saving
    Common Questions
    Common Tax Mistakes
    Consulting Goose Creek
    Contact Hoods Tax And Accounting Goose Creek Sc
    Contact Hoods Tax Goose Creek Sc
    Coronavirus
    COVID 19
    COVID-19
    Cryptocurrency
    Cutting Costs
    Cutting Costs At Thanksgiving
    Cybersecurity
    Debt
    Deductions
    Digital Currency
    Documenting Your Taxes
    Donations To Your 401(K)
    Economic Impact Payment
    Effects Of A Global Pandemic
    Estate Taxes
    Evernote
    Expense Tracking
    Facebook Creator Studio
    Fake Covid Scams
    Fake Emails
    Fake Phone Calls
    Fake Text Messages
    FASFA
    Filing Taxes
    Financial Aid
    Financial Preparedness
    Financial Recovery
    First Time Tax Payer
    Getting Ready For Tax Season
    Gift Taxes
    GoDaddy
    Google
    Goose Creek
    Grants
    Hidden Tax Write Off
    Hidden Tax Write-off
    Home Owner
    Home Ownership
    Hoods Tax & Accounting
    Hoods Tax And Accounting Service
    HootSuite
    How To Claim Unpaid Stimulus Money On Your 2020 Tax Return
    How To Save Money At Thanksgiving
    How To Spend Your Tax Return
    How To Stay Safe At Thanksgiving 2020
    How To Stay Safe This Thanksgiving
    Hurricane
    Hurricane Fund
    Hurricane Plan
    Important Dates
    Important Documents
    Impulse Spending
    Income
    IRS
    Itemized Tax Deduction
    Jumpstart Your Day
    Last Minute Tax Deductions
    Last Will And Testament
    Lowcountry
    Lowering Your Tax Bill
    MailChimp
    Make Donations To Your HSA Account
    May 17th Tax Extension
    Medical Expenses
    National Podcast Day
    Online Scams
    Organization
    Owning A Business
    Pandemic
    Paying Your Tax Bill
    Payroll Services Goose Creek Sc
    Pension
    Phishing Scams
    Phishing Schemes
    Phone Call Scams
    Podcast
    Preparing For 2020 Taxes
    Preparing For Your 2020 Taxes
    Preparing For Your Taxes
    Productivity
    Productivity Tools
    Protecting Yourself From Stimulus Fraud
    Protecting Yourself From Tax Fraud
    Quickbooks
    Quickbooks Services Goose Creek Sc
    Quickbooks Small Business
    Quickbooks Training Goose Creek
    Quickbooks Training Goose Creek Sc
    Recovery Rebate Credit
    ResueTime
    Retirment Taxes
    Save Money
    Saving For College
    Saving Money
    Saving Money For Thanksgiving 2020
    Savings
    SC
    Scam Emails
    Scams
    Scam Text Messages
    Scholarships
    School Shopping
    Security
    Senior Taxes
    Senior Tax Filer
    Senior Tax Payer
    Small Business
    Small Businesses
    Social Security
    Social Security Administration
    Social Security Scam
    Spending Your Tax Return
    Squarespace
    SSI Benefits
    Standard Tax Deduction
    Stimulus Check
    Stimulus Payments
    Stiumuls Scams
    Strained Finances
    Student Loans
    Summer
    Tax Brackets
    Tax Credit
    Tax Day
    Tax Deductible
    Taxes
    Tax Extension
    Tax Fraud
    Tax Implications
    Tax Info
    Taxpayer
    Tax Payer
    Tax Paying Citizens
    Tax Planning
    Tax Preparation
    Tax Preparation Goose Cree
    Tax Preparation Goose Creek
    Tax Professional
    Tax Refund
    Tax Return
    Tax Season
    Tax Season 2020
    Taxtaxes
    Tax Tips
    Tax Write Off
    Thanksgiving
    Thanksgiving 2020
    The Dangers Of Stiumuls Scams
    Third-party Reporting
    Tips
    Tips For Financial Recovery
    Tips For Saving Money
    Todist
    Toggl
    Trello
    Tsheets
    Unable To Pay Tax Bill
    Unable To Pay Your Taxes
    Unemployment
    Unemployment Tips
    Unknown Tax Facts
    What Not To Spend Your Tax Return On
    What To Spend Your Tax Return On
    Will
    Will And Testament
    WordPress
    Working From Home
    Wunderlist

    RSS Feed

Hoods Tax & Accounting Service, LLC.
​105 Etling Ave, Goose Creek, SC 29445

Phone: 
(843) 797-5153
Email: admin@hoodstax.com
Site created by Creative Consulting
Site powered by
MadeSimply
quickbooks desktop certified proadvisor logo
online quickbooks certified proadvisor logo
Hoods Tax and Accounting service logo
Hoods Tax & Accounting Service, LLC.