Remote Tax Filing Is Available

In order to help slow the spread of COVID-19, we have enhanced our remote tax preparation capabilities. Clients may now upload their documents to our secure online portal and we can review their return via phone/Zoom to make sure all questions are addressed. Clients will have the option to sign and pay online.  We can prepare and file your returns while you stay at home. Options we are providing to minimize contact include:

  • Remote filing via a secure online portal

  • Mail copies of your tax documents to our office

  • Drop off your documents at our office

Please contact us for more information on any of these options. If you still prefer a face-to-face meeting, we’ll be happy to meet with you in person. We wash our hands and sanitize the desk and seating area after each client.

File as Soon as You Can

Both the IRS and California FTB have moved their tax filing date from April 15th to July 15th. While you do not need to rush to file your taxes, the IRS is encouraging everyone to file as soon as they are able to. With the extended deadline and other government relief programs due to COVID-19, the IRS is anticipating a massive spike in fraud. A later due date gives criminals much more time to take advantage of people. Read the next section for other reasons you may want to file as soon as possible.  

Coronavirus Tax Rebate Checks!

Congress is planning to send checks or direct deposits to families to help relieve some of the financial burdens the coronavirus shutdowns have caused. The government has voted to send checks to certain families of up to $1,200 per person plus $500 per child aged 16 or younger. The checks are limited based on income. Single taxpayers who earned $75,000 or less will be eligible, while married couples can earn up to $150,000 to receive the full benefits. If your income surpasses these limits, your rebate will be gradually reduced by $5 for every $100 you earned over the limit.

The income limits will be based on either your 2018 tax return or your 2019 if you’ve already filed it. While the government has suggested that these payments could be delivered in as little as three weeks after the bill is signed into law, many experts believe this will be extremely difficult to accomplish.  The rebates will be directly deposited to an account on file if you have authorized a tax refund or other government payment direct deposit sometime after January 1, 2018.

 

Coronavirus Rebate Key Points:

  • You must have filed a 2018 or 2019 tax return.

  • You, your spouse, and any dependents must have a valid Social Security number.

  • You must not have been claimed as a dependent on your most recently filed return.

  • Your rebate will be direct deposited if you requested direct deposit of a tax refund any time after January 1, 2018.

  • Rebate checks that are mailed may take months longer than direct deposit.

  • The IRS will send a letter to your address of record within 15 days of distributing payment.

  • Rebate payments are not subject to seizure for past due taxes unless you owe child support.

  • If you recently moved file form 8822 with the IRS.

  • Rebate checks are not taxable income.

Stimulus Rebate Maximization Strategies

If you have not yet filed your 2019 tax return you may need to be strategic about when you file and who you claim. Consider these three scenarios:

1. Think twice about claiming college students or young adults as dependents. If they are working, they could be eligible for their own $1,200 rebate, but they’ll lose that rebate if you claim them.

2. If you had a new child in 2019, you’ll probably want to file your return right away to ensure you receive the additional $500 child rebate.

3. Because your rebate will be calculated based on your 2018 OR 2019 return, you may benefit from holding off on filing your 2019 return, or you may want to file your 2019 return as soon as possible. If your income is close to the phase-out limit, compare your 2019 income to your 2018 income. If your 2018 income is significantly lower than 2019, you may want to delay filing your 2019 return. However, if your 2019 income is lower than your 2018 income, you may want to file your 2019 tax return as soon as possible.

Discounted Offer to Receive COVID-19 Rebate

For individuals who need to file a 2018 or 2019 tax return for the sole purpose of receiving their stimulus check in 2020, we are providing a discounted tax preparation offer. We do not know the cutoff date for when tax returns must be filed to receive a stimulus payment so contact us as soon as possible! 

*Special offer of $49 applies to individuals with 2018 or 2019 total income of $12,000 or less. Fee includes filing of one federal tax return. State returns can be filed for an additional fee if needed. We can not guarantee any client will receive a rebate check due to unknown individual circumstances of the taxpayer.

Call 661-200-5657

Disclosure

Free Financial is a registered investment adviser in the state of California. This website is only intended for clients and interested investors residing in states in which the Adviser is qualified to provide investment advisory services. The Adviser does not attempt to furnish personalized investment advice or services through this website. Past performance is no guarantee of future results. Find our full disclosure documents at www.advisorinfo.sec.gov

 

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