BE LATE TO THE DINNER TABLE. >>JENNIFER WAUGH: TAX SEASON KICKS OFF THIS FRIDAY AND FOR
MANY OF YOU FILING YOUR TAXES
THIS YEAR COULD BE A
LITTLE CONFUSING. GIVEN THE
PANDEMIC JOINING US TO ANSWER
SOME OF THE MOST COMMON
QUESTIONS BEING ASKED THIS YEAR
IS LIKE HE SHOULD THOMAS IS THE
DIRECTOR OF LOW INCOME TAX
PAYER CLINIC GOOD MORNING,
THANKS FOR JOINING US.
>>LENA PRINGLE: GOOD MORNING,
THANKS FOR HAVING ME SO MANY OF
OUR VIEWERS RECEIVE STIMULUS
CHECKS TODAY HAVE TO CLAIM
THOSE WHEN THEY FILE THEIR
TAXES THAT MONEY.
>> WELL
IT DEPENDS STIMULUS CHECKS HAVE
BEEN RELEASED IN
2 ROUNDS OF THE FIRST WAS
CALLED THIS THE MOST PAIN AND I
I P ECONOMIC IMPACT PAYMENT,
ONE AND THEN CONGRESS RELEASED
A SECOND ROUND COMMONLY CALLED
THE I
P 2 SO TAXPAYERS GOT BOTH OF
THOSE AND RECEIVED ALL OF THE
PAYMENTS FOR THEIR QUALIFYING
CHILDREN. NO YOU DON’T HAVE TO
FILE A TAX RETURN TO GET THE
PAYMENTS BUT YOU DID NOT GET
ALL THE STIMULUS MONEY ARE
ENTITLED TO LAST YEAR IN 2020,
YES, THEY WILL NEED TO FILE A
RETURN
IN 20 21 THIS YEAR IN ORDER TO
CLAIM THE REST OF IT CREDIT HAS
WHAT’S CALLED A RECOVERY
REBATE CREDIT.
>>JENNIFER WAUGH: SO IT’S
INTERESTING SO YOU’RE YOU’RE
TALKING FOR FOR THOSE WHO HAVE
NOT RECEIVED ALL OF THE MONEY
BECAUSE WE RECEIVED COMPLAINTS
FROM PEOPLE WHO SAY THEY DIDN’T
RECEIVE ALL THE MONEY
THEY SHOULD BUT IN TERMS OF OF
THE THE IRS TODAY LOOK AT THAT
MONEY FOR SOME REASON
HIS INCOME WHICH COULD PERHAPS
YOU KNOW IMPACT YOU KNOW HOW
SOMEONE FILES.
>> THE STIMULUS
ECONOMIC PAYMENTS AND THE
RECOVERY REBATE CREDIT ARE NOT
CONSIDERED INCOME. IT’S A
GOVERNMENT BENEFIT. SO IT WILL
NOT INCREASE YOUR
TAXABLE INCOME. IT IS A
REFUNDABLE CREDIT IF YOU’RE
CLIMBING ON THE TAX RETURN AND
ALSO
DOES NOT DETERMINE YOUR
BENEFITS OR TO 15 YEARS THE
BENEFITS THAT YOU MAY QUALIFY
FOR. IF YOU ARE
>> THAT ARE FEDERAL PROGRAMS
SO IT’S NOT A CITY THAT GOT IT
SO IT’S IT’S INTERESTING
BECAUSE THERE ARE SOME PEOPLE
WHO HAVE NEVER HAD TO CLAIM
UNEMPLOYMENT BEFORE THEIR
ENTIRE LIVES IN AND AS A
RESULT, THEY’RE WONDERING OK,
WAIT WHAT DO I DO HERE DO YOU
HAVE ANY ADVICE FOR THEM WHO
MAY BE THEY WERE EMPLOYED FOR
HALF OF THE YEAR AND THEN FOUND
THEMSELVES UNEMPLOYED FOR THE
REST OF THE YEAR.
>> IF UNEMPLOYMENT COMPENSATION WAS RECEIVED LAST YEAR YOU DEFINITELY WANT TO INCLUDE THAT
ON YOUR
TAX RETURN WITH ANY OTHER
INCOME THAT YOU MAY HAVE EARNED
INCLUDING
WAGES OR. NOT COME
COMPENSATION, YOU DON’T WANT TO
DO THAT ON YOUR
TAX RETURN.
>>JENNIFER WAUGH: WHAT OTHER
QUESTIONS ARE YOU RECEIVING
FROM INDIVIDUALS OR EVEN
FAMILIES WHO MAY BE CONFUSED.
WHAT’S CONFUSING THEM. THE MOST
WOULD YOU SAY.
>> THERE IS SOME NEW GUIDANCE FROM CONGRESS THAT IS SAYING THAT IF YOU ARE ECONOMIC
PAYMENT WAS NOT RECEIVED IN
FULL. AND YOU CLAIM IT ON YOUR
TAX RETURN. THE RECOVERY REBATE CREDIT THAT’S CLAIMING A TAX RETURN MAY ACTUALLY BE OFFSET.
AND THAT IS CAUSING A BIT OF
A STERN. SO WE’RE GOING TO TALK
ABOUT THAT LATER ON AN HOUR
ROUNDTABLE WITH
CONGRESSMAN NOW ALAS AND SO
PLEASE TUNE IN IF YOU WANT TO
HEAR MORE INFORMATION ABOUT
THAT AND AND WE ARE DEFINITELY
GIVE ALL THAT INFORMATION TO
OUR VIEWERS OUT COMING UP IN
JUST A SECOND I DIDN’T ASK YOU
JUST BRIEFLY IF WE COULD.
ANOTHER QUESTION YOU KNOW THAT
WE’RE HEARING IS FROM SMALL
BUSINESS OWNERS WHO RECEIVED A
PPP LOAN.
PPP LOAN. >>LAUREN VERNO: DOES THAT BUSINESS HAVE TO PAY BACK THE
MONEY FOR ANY REASON.
>> IT DEPENDS THAT IS A
QUESTION THAT’S GOING TO BE
ANSWERED THAT EVENING BITE.
AN ATTORNEY AND CPA GEORGE KERR
EGGS, HE SPECIALIZES IN THAT
AREA AND THE DOCTORS ARE
NUMEROUS.
>>JENNIFER WAUGH: SO TELL US
ABOUT THIS EVENING’S EVENT AND
THE OPPORTUNITY THAT PEOPLE
HAVE TO GET THEIR QUESTIONS
ANSWERED.
>> WE DO WANT EVERYONE TO TUNE
IN IF YOU HAVE TAX QUESTIONS
ARE GOING TO BE GOING OVER A
LOT OF INFORMATION INCLUDING
THE ECONOMIC
IMPACT PAYMENTS AND THE
RECOVERY REBATE CREDIT AND HOW
YOU GO ABOUT CLAIMING THOSE ON
YOUR
TAX RETURN, WE’RE ALSO GOING TO
DISCUSS THE PAYCHECK PROTECTION
PROGRAM SHORT FOR PPP
IN FULL DETAIL TONIGHT AND
WE’RE GOING TO
HAVE THE REPRESENTATIVE FROM
THE TAXPAYER ADVOCATE SERVICE
IF YOU’VE BEEN HAVING PROBLEMS
WITH CLAIMING YOUR CREDITS THIS
PERSON, IT’S GOING TO ASSIST
YOU AS WELL. IF THAT’S
APPROPRIATE.
>>JENNIFER WAUGH: THE KEY TO
THANK YOU FOR YOUR TIME THIS
MORNING TO APPRECIATE WE KNOW
THAT THAT SOMETIMES PEOPLE TEND
TO WAIT UNTIL THE
LAST MINUTE TO FILE THEIR TAXES
AND I THINK THAT’S CERTAINLY
THE MESSAGE. THIS MORNING IS
YOU DON’T WANT TO DO THAT
BECAUSE A LOT OF THINGS THAT
PROBABLY CHANGE FOR SOME
PEOPLE. THANK YOU FOR YOUR TIME
AGAIN WE’RE LOOKING FORWARD TO
THIS EVENING’S EVENT.
THANK YOU HAVE A GOOD DAY
SO IN CASE YOU MISSED IT WE
JUST WANT TO REMIND YOU IT IS A
FREE VIRTUAL ROUNDTABLE AND THE
HOSTED AS YOU HEARD LIT LUCKY.
SHE MENTIONED BY CONGRESSMAN
AL LAWSON IT’S FROM 6.30 UNTIL