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Here we go again with the third and most likely the last stimulus check we, Americans, will be getting. The coronavirus has hit us and the world hard. We have lost many life’s and it has impacted each individual in many ways. We are lucky that the government has stepped up and provided us with a variety of stimulus packages.

On March 6, 2021,  the Senate approved President Biden’s $1.9 Trillion Economic Plan. The plan includes extending unemployment benefits, providing funds to states and local governments, helping schools to reopen and support coronavirus testing and vaccine distribution.  After the president signs the bill it into the law, then we can start seeing checks distributed.

WHAT TO EXPECT

Stimulus Checks of $1400

Eligible: Individuals making under $80,000 and couples making under $160,000 will receive a payment of $1,400 per person and $1,400 per dependent. These will decrease for those above this income level.

Non-Eligible: Persons making $80,000 or more or $160,000 or more jointly will not be eligible.

Unemployment Benefits of Additional $300 Per Week

Unemployment will be extended through early September and will include a $300 per week federal supplement. This includes a provision that waives federal incomes taxes for the first $10,2000 of unemployment benefits received in 2020 for households that made $150,000 or less. This will help lower tax bills for those individuals.

Child Tax Credit Increases

The bill would temporarily increase child tax credit. Currently, the credit is set at $2,000 for children under 17.

New legislation will include: Credit will increase up to $3,600 for children five and under. Credit will increase up to $3,000 for children between ages 6 to 17.

Welcome to M Hernandez Income Taxes & Bookkeeping. Check back soon to get some tips for your small business. The heart of a successful business comes from accurate records that tell you, the business owner, where your money is at any given point.

Do you know what was your business profit last year?

Did you make more or less than the year before?

If you are not sure how to answer the questions above. Don’t worry! Take a look around, learn how to read the financial documents given to you by your bookkeeper. Once you learn how to read the financial documents, I know your business decisions will change for the best. Once you learn to rely on reading income statements and balance sheets, you understand the big picture. Think of a baseball game, you hope your team wins enough games to get to the playoffs and then every game you hope they make enough runs to win the game. The same goes with your business, we read balance sheets to see where you current are at (do we have enough wins to get to the playoffs) we also have the income statement (do we have enough runs to win the game) that each tell us a different story of the business.

Hope that helps, if not, well come back and maybe a different post might enlighten you a little more.

A little biker info…….
When planning a long road trip. We have gas stations in our heads. After all we only get about about 150 to 200 miles per tank. We over plan and we always fill up at any gas station we stop.