The world is seeing a pandemic that most have only read about in the history books. The COVID-19 coronavirus is a new virus that is spreading around the globe and the problem that is concerning is that it can be spread from the air around you. The virus can hang in the air and live a long time on hard and soft surfaces alike. The other problem is that while you are contagious you may not show any signs at all for up to two weeks. You may have been out to the store, your friend’s house or to help family. They are now all at risk and that is why you want to make sure you follow the social distancing rule. This is the best way to curve the spread of the virus. This rule has caused people to close down their business and schools to shut down. That in turn means that the economy is suffering. There is hope that is out there in the form of a stimulus check that is to enhance the economy and help families out during this hard time. Mark Dicus & Company answers some common questions about the stimulus check you might have.
How Much Will Stimulus Check Be?
The stimulus checks are set to start rolling out and most people want to know what they are going to be getting. The great thing is that the government has given a breakdown so that you can calculate what you are set to receive. The main parts say that an individual will get $1,200 while married couples will get $2,400. The other part of the breakdown shows that people that have a child that they have claimed on their taxes from the previous year will also receive $500 more for each of the children.
Is There a Stimulus Check Coming?
You might want to know how you will get the money that you are entitled to under the stimulus package. The answer is that if you had your taxes done the previous year and you chose to have your refund sent direct deposit you will get a deposit from the government. If you chose to receive a check for the refund you will then get a check that will be mailed to your home. The other option you have is to use the IRS website to submit your banking information so that you can also get a direct deposit.
Is Stimulus Check Taxable?
When it comes to the stimulus check you are supposed to get it and use it to help keep you and the economy floating. With that said there are not taxes that are set on that particular set amount but it will be added to your income for the following year when you do your taxes. You want to make sure that you talk with your accountant so they know how much you received. They know what to do with the amount when they file your years taxes.
Accounting, Bookkeeping & More in Menominee Falls, Waukesha, West Allis, Racine & Greater Milwaukee, Wisconsin
Mark Dicus & Company can make sure that your taxes are done properly. Call us today!