Heagy Tax Service

More answers on the Stimulus {Economic Impact Payments}. This is an "advance refund for 2020 return"...what this means is: *There will be a NEW credit for 2020 tax returns. *You WILL need to report how much you've received on your tax return next year (it's NOT taxable...it's an ADVANCE on this new credit.)... *So the new credit will be figured out based on 2020 income & dependents, etc.... *You will NOT have to pay any back if you receive more than what the actual credit amount comes out to be. *You WILL receive any additional credit $ IF you didn't receive as much as the credit amount is. So...in summary - it's NOT taxable (but you still need to report what you received as an "advance" on this credit; you will NOT pay any back if you receive too much. Hopefully this answers all of your questions. See our earlier post with the link on how to check your refund and/or add direct deposit info, if you didn't include it on your 2019 return.

Stimulus $$ (Economic Impact Payments) ~ you can click the link provided {and go to: "Filers: Get Your Payment" on the right hand side}. You will find out if you're getting your payment....AND you can add your direct deposit info in (you'll need some numbers from your tax return). You will NEED to add direct deposit if you've filed your 2019 and did NOT get a direct deposit (either you had a refund & got a check...or if you owed). If you don't enter bank info now, you will get a check mailed to you at a later date. https://www.irs.gov/coronavirus/economic-impact-payments

https://www.irs.gov//economic-impact-payments-what-you-nee

https://www.forbes.com//beware-of-stimulus-check-scams-a/

What is an Enrolled Agent? Enrolled agents are licensed by the IRS. They are subject to a suitability check and must pass a three-part Special Enrollment Examination, which is a comprehensive exam that requires them to demonstrate proficiency in federal tax planning, individual and business tax return preparation, and representation. They must complete 72 hours of continuing education every 3 years. Enrolled agents may generally represent any taxpayer regarding any tax matter before any IRS office, also known as unlimited practice rights. Do you know you can look up a tax preparer's credentials/qualifications? https://irs.treasury.gov/rpo/rpo.jsf

Contact us to set up an appointment! Specializing in farm & small business returns...but no return is too big or too small...reasonable rates! NY & PA returns. 20+ years experience. Referrals appreciated. Thank you! {We do bookkeeping too!} http://www.heagytax.com/contact-us/

If you have received all of your paperwork (W-2's, 1099's, etc.)...and are ready to file your return...please contact us to set up an appointment! Specializing in farm & small business returns...but no return is too big or too small...reasonable rates! NY & PA returns. 20+ years experience. Referrals appreciated. Thank you! {We do bookkeeping too!} http://www.heagytax.com/contact-us/

Call to schedule an appointment!! https://www.irs.gov//irs-opens-2020-filing-season-for-indi

https://www.irs.gov//key-tax-change-affects-taxpayers-with

A little tax humor...