Economic Impact Check

The IRS announced March 30, 2020, that in order to receive an Economic Impact check that a tax return must be filed for 2019 or 2018.

"People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax." - IR-2020-61, March 30, 2020

The IRS has information about filing's for free on their website:  https://apps.irs.gov/app/freeFile/

I am offering to file for free for those who's only income is Social Security.

If you have any questions, please feel free to contact me at:  info@numbercruncherllc.tax

Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax

The Coronavirus Stimulus Bill Passed!

Direct Payment to Americans!  🤗
-$1200 to individuals who make up to $75,000 per year.
-$2,400 to couples making up to $150,000 per year plus $500 per child.
-Individuals earning more than $75,000, Couples earning more than $150,000 and Head of Household earning more than $112,500 will be decreased $5.00 for every $100 over their income amount.
- Individuals who earn more than $99,000 and couples who earn more than  $198,000 will not receive checks.
-Information from your 2019 Tax Return will be used to send you the money.
-If you have not filed your 2019 tax return yet, information on your 2018 return can be used.

-Those collecting Social Security will also receive $1,200.

Unemployment payments increased! 🤗
-The maximum unemployment benefit is $600 per week for four months.
-Those who do not usually qualify can qualify.  (Furloughed employees, freelancers and gig workers for example)

This is all wonderful news for Americans.

If you have any questions or are in need of having your 2019 tax return prepared, please contact me at

info@numbercruncherllc.tax
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Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax

You can do this!

This is a scary time for everyone. We don’t know how long this will last but keep in mind, THIS TIME WILL PASS! Don’t give up, keep on keeping on. Don’t waste your time thinking about all the negative that is going on. Don’t put your head in the sand hoping it will just go away.

This is a great time for business owners and individuals to make changes in their lives, so they can come out of this with as few battle wounds as possible. Also, make changes that will help you do

not have to suffer like this again.

Business owners, it’s time for you to put your creative thinking hats on. Think of different ways you can provide something valuable to your customers. Be creative! Think Deep! Stand out! Help your customers, help yourself.

Individuals, go through your bills. Get rid of any unnecessary expenses. Find out if you are eligible for paid sick or child care leave through the Families First Coronavirus Relief Bill.

Stay positive. We will all get through this!

Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax

I am disgusted with Quickbooks

Today I received word of how Quickbooks is helping business owners. I have never been a fan of Quickbooks but learned it because it is the program that most clients use. However, the way Quickbooks is helping the businesses is ridiculous and is the last straw for me. How are GoFundMe Accounts suppose to help businesses? Most people and businesses are all in the same boat and do not have the extra funds to support GoFundMe Accounts. My Clients are charged substantial fees to use Quickbooks, Quickbooks should be able to help their customers out in a more economical way.

I will be doing research to find different accounting programs for me and my clients to use. I will not be referring  people or my clients to Quickbooks from now on. I will respect their wishes if they want to continue to use Quickbooks.

Below is a link that will take you to the article.

https://apnews.com/Busines…/72229d78131f44f7b3326094afc1c127

Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax

What can I do if I cannot pay my tax liability?

If you have a tax liability you are unable to pay,  my first advice is to FILE THE RETURN.  Do not think you will save money if you just don't file the return because you owe money.  You will be assessed a failure to file and pay penalty which is 47.5% (22.5% late filing and 25% late payment) of the tax. However, if your return was over 60 days late, the minimum failure to file penalty is the smaller of $205 or 100% of the tax required to be shown on the return.  These penalties can add up to quite a bit.  

If you do end up having a tax liability you are unable to pay, file your tax return, by the deadline, to avoid the failure to file penalty.

Below are your options:

1. Pay as much as you can when you file your return
2. Request an additional 120 days to pay your tax in full using the Online Payment Agreement application on www.irs.gov
3. Set up a payment plan with the IRS
4. Prove financial hardship, the IRS won't ask you to pay until your circumstances have changed
5. Offer in Compromise
6. Call the IRS at 800-829-1040

Keep in mind, the above options do not get rid of penalties and interest on your unpaid tax liability.  

The bottom line is: do not ignore the issue.  Ignoring your tax liability will cause you to stress, lose time dealing with the issue and paying the IRS more money in the end.

Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax