Tax Tip Friday

Spreadsheet I recently enjoyed

I know, only accountants enjoy a spreadsheets. But a colleague sent out this spreadsheet covering the different CARES Act small business aid options. It does a great job of summarizing all the options in one place. As always, let me know if you have any questions.

App I used this week

With the nice weather, closed gyms and longer days, it has been nice to get out on the trails for a lunch walk or evening mountain bike ride. To track my activity, I have been using Strava. Feel free to follow me if you are also using the app.

Book I purchased 

I have always been a big fan of Michael Lewis books like Moneyball, the Big Short and the Undoing Project. He keeps showing up on the TV talking about his newest book, The Fifth Risk and how human nature can categorize a finite number of risks and scenarios. It sounds very interest especially in the current period where risks and opportunity seem to be around every corner.

Tax Tip of the week

Those CARES Act stimulus checks just started hitting bank accounts via direct deposit. You may or may not be getting one based on your 2018 (or 2019 taxes if they are filed). Once your AGI (Adjusted Gross Income) goes over $200k for married filers, you will be phased out of any stimulus. Other highlights to understand:

1) It is $1,200 for each filer and $500 for each dependent who is 16 or younger. So a couple with two small children would receive $3,400.

2) The phase-out for single filers is $75,000 while the phase out starts at $150,000 for married filers.

3) The funds will be direct deposited into your account if you have provided the IRS with your bank account for a refund in the past two years. If you are always paying the IRS and have not provided the IRS your bank information, you will get a check in 4 to 20 weeks or you can go to the IRS “Get my Payment” website and provide your bank information.

Quote of the Week

“Direction, not intention, determines your destination” – Andy Stanley