As you’re likely aware the Senate unanimously approved a 2.2 TRILLION dollar economic stimulus plan to help Americans during this unprecedented time. As it moves through the House of Representatives, it seems likely to head to the President’s desk for signature in the coming week.
As it stands, economic relief is expected in the form of DIRECT DEPOSITS to your account from the IRS. In the version that passed the Senate, each tax paying adult in your household will receive $1,200 and if you have children you will receive an additional $500 per child.
These payouts will be based on your 2018 Tax Returns.
What do you need to do?
1) WATCH OUT FOR SCAMMERS! In times like these it is a good reminder that the US Government WILL NOT CALL YOU OR EMAIL YOU. Please be shrewd to make sure you receive the relief that the Government has intended for YOU, not some unethical hacker trying to take advantage of a terrible situation.
2) Make sure you have filed your 2018 returns! You will only get this stimulus funding if you filed a 2018 return. As mentioned, the funds are expected to be distributed via direct deposit to the bank accounts used to pay 2018 taxes or where 2018 tax refunds were sent. If you do not have a direct deposit on file with the IRS, you will receive a physical check. Again, THE IRS WILL NOT CALL YOU so please do not provide any sensitive information via phone or internet to someone claiming to be from the IRS. When in doubt, contact your CPA or local authorities.
3) Take advantage of pre-payment discounts to make your relief funds go further! Reach out to your mortgage holder/landlord, car loan lender, etc and see if they will allow you to pre pay in full for the next three months and get a discount! How do I think this will work? It’s what we are asking our tenants to do! Our goal as a management team is that our tenants and their loved ones are safe and secure during this pandemic. In times of economic uncertainty we want to help however we can so we are continuing to offer our pre-payment discount for rents paid in full for April, May, and June in an effort to see your funds stretch farther.
4) Keep social distancing! Whether or not you believe that this is the greatest crises we have ever faced as a human race or the biggest farce and overstep, right now the medical community is asking for your and my help to stay inside and stay safe. Our medical infrastructure is approaching a boiling point and locally the best way to support our paramedics, nurses, PAs, Doctors and support staff is to stay inside and stay healthy.
We are all in this together and we are thankful for each of you and the swift bi-partisan action of our Government to help all of us face this invisible threat together.
**Please note the content above is for information purposes only. It is deemed reliable but not guaranteed. Please consult with your tax professional.**