New York –President Biden has signed the nearly $2 trillion stimulus bill law and eligible Americans are only days away from receiving the first batch of $1,400 payments – the third stimulus check sent during the COVID-19 pandemic.
New York –President Biden has signed the nearly $2 trillion stimulus bill law and eligible Americans will be receiving the first batch of $1,400 payments – the third stimulus check sent during the COVID-19 pandemic. ATAX, a year-round income tax preparation business serving the individual taxpayer and business owner, is here to help millions of Americans understand the complexities of the third stimulus payment and how to best navigate the process. With nearly 60 locations nationwide, ATAX aims to provide increased services and advice to the general population and Hispanic community through in-person and online services.
“We are a community partner, not just another chain here to file your taxes – therefore, we will continue to advise those who seek out our help,” said ATAX President, Alberto Ortiz. “We launched with the mission to educate our Hispanic communities on financial terms and proceedings that may impact their personal or professional lives, and with the economy changing minute by minute, we will continue to make ourselves available to answer and act on their questions.”
Who is eligible & how much are the payments? The full $1,400 payments are slated to go to those with adjusted gross incomes of up to $75,000 for individuals, $112,500 for heads of households, and $150,000 for married couples filing jointly. The payments are reduced for those with income above those thresholds. Specifically, zero for single filers at $80,000, heads of household at $120,000, and $160,000 for married couples.
New this time around is that dependents of all ages are eligible for payments. Previous checks only included those under 17-years-old. Taxpayers will now also receive $1,400 for each dependent. This will include millions of college students, disabled adults, and elderly Americans.
The other change to eligibility includes all “mixed-status households” with one or more family members who aren't U.S. citizens – for example, parents who aren't U.S. citizens, but their U.S.-born children are.
Will the IRS use my 2019 or 2020 taxes to calculate my stimulus payment? The IRS will base your total on income from either your 2020 or 2019 tax return, whichever it has on hand when it determines the size of your payment. If you qualify for the full $1,400 based on your 2020 taxes, but your check total was lower because the IRS based it on your 2019 taxes, you'd have to claim the difference.
What is the fastest way to get it? The fastest way to collect the stimulus check is through direct deposit bank account information already on file with the IRS. Those individuals could receive their checks within two weeks of the legislation getting finalized. Mailed debit card and paper check payments would likely arrive later. Also, if you file your taxes sooner, you can get a refund - plus missing stimulus money - faster than if you file a tax extension.
What do if you haven’t received previous stimulus checks? Many Americans are still waiting on the $600 stimulus checks authorized in December 2020 and some did not receive the first, $1,200 stimulus checks sent out in spring 2020. It is important for those individuals to know that the money is still available in the form of a tax credit, but you must file a tax return in order to claim it.
What about unemployment benefits? Unemployment benefits will be extended through September 6 and include a $300/week federal supplement. Federal income taxes will be waived for the first $10,200 of unemployment benefits received in 2020 for households that made $150,000 or less; helping to lower tax bills for those individuals.
The overall mission of ATAX is to educate and dispel the fear that may surround the expansive and detailed financial systems in the United States. To find your nearest ATAX location, please visit https://atax.com/locations.
ATAX also offers 24/7 tax support through its online tax filing service, ATAX Live, which allows you to prepare taxes online, and walk through the documents via video chat with a professional prior to submitting.
Based in New York, ATAX is a year-round tax preparation and business services franchise that services clients in both Spanish and English. Founded in1986 with $200, two computers, and a fax machine, ATAX has grown to operate 59 locations throughout the United States. Most recently, ATAX ranked #439 in Entrepreneur Magazine’s Franchise 500®, the world’s first, best, and most comprehensive franchise ranking. Placement in the Franchise 500® is a highly sought-after honor in the franchise industry, making it one of the most competitive rankings. Additionally, ATAX was named a 2020 Top Franchise by Franchise Business Review. For more information on ATAX, please visit https://atax.com/; to find out more about ATAX franchising, visit https://ataxfranchise.com/.
About Loyalty Brands
Headquartered in Virginia Beach, Virginia, Loyalty Brands is an umbrella franchise company founded in 2018 by serial entrepreneur John Hewitt. Loyalty Brands consist of business brokerage, small business accounting, tax preparation, and added services, networking, and bartering. The company maintains a community-first outlook, meaning that involvement in local communities and giving back is a core value. The multi-brand concept involves businesses that are synergistic and compatible, so potential franchisees could possibly own one or more of the brands for additional customer acquisition and co-marketing opportunities. To learn more about Loyalty Brands, please visit https://loyaltybrands.com/.