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By now, you probably know that the President signed into law the CARES (Coronavirus Aid, Relief and Economic Security) Act, which, among other things, provides for stimulus payments to Americans. That’s great news for most people.
What you may not know is that tax returns that you have filed with the federal government will determine 1) the amount of your payment, and 2) how you receive these funds. Read on to better understand what you should do, TODAY, if you haven’t already.
To understand what you can expect, and whether you are eligible for the payment, the IRS refers to information contained on your tax returns. Single filers are eligible for a $1,200 payment. Married filers are eligible for a $2,400 payment. For every child under the age of 17, the payment increases by $500.
There are some disqualifiers, as well. Higher income individuals may receive a lower payment, decreasing to zero, based on their adjusted gross income (AGI). Single filers who reported AGI of more than $75,000, and married filers who jointly reported AGI of more than $150,000 are not eligible to receive the full amount of the payment.
But you may still need to take action if one of the two scenarios below applies to you:
There could be an advantage to waiting to file your 2019 tax return, depending on the difference in your AGI for the two years. For instance, if you earned greater than $75,000 AGI in 2019, but less than that in 2018, it could make a difference in the amount of payment you receive.
The Liberty Tax® brand is synonymous with community. Today, with respect to the thousands of communities we serve, I am writing to share with you the steps we are taking for your safety, convenience and peace of mind.
First, we have issued a companywide communication to our employees and franchisees, asking that each person take the necessary steps to maintain his/her own safety and good health. Whether it’s a gentle reminder to wash your hands or an offer to work remotely if needed, we want all of our Liberty Tax® family to feel safe and protected. You can rest assured our offices are doing everything they can to disinfect all workspaces.
To our millions of loyal customers, it is my promise that Liberty Tax® will remain OPEN FOR BUSINESS through this challenging time. We have the technology to securely prepare your tax return, even if you don’t wish to come to our offices. Our franchisees are ready to serve you, no matter how you wish to interact with us. Click here to connect with your local office to find out the best way we can serve you or call 1-866-583-1826 and we’ll connect you with your local office.
Wishing you good health.
Brent Turner, CEO, Liberty Tax®
In addition to ensuring our offices are safe to visit for all customers, we're offering an over-the-phone tax service where customers can interact with tax professionals from the comfort of their homes. Our tax professionals will talk you through the tax filing process to make sure you get your best return.