Anyone individual made $99,000 or less, or a married couple filing jointly who made $198,000 or less, are eligible for some type of tax credit. Individuals who made $75,000 or less, or couples filing jointly who made $150,000 or less, receive the full amount of $1,200 or $2,400, respectively. The amount is reduced by $5 for each $100 above the two thresholds.
Parents with children receive up to $500 for each qualifying child. In general, this means children 16 years old or younger who are dependent on their parents.
If you filed taxes in 2018 or 2019, you don’t have to do anything. The IRS will distribute money, either through direct deposit or by paper check, depending on how you received any tax refund during those tax years.
The IRS can help you with any issues if you haven’t filed an income tax return or didn’t have to file one in the past two years. You have to at least file a simple tax return for 2019 to receive your payment.
Contact LongSchaefer online or call (513) 245-0300 if you require assistance to navigate the SBA’s process for securing these economic benefits. Our accountants are working remotely, and we can assist you with any financial questions you have during these trying times.
We hope you, your family, and your loved ones are safe and healthy.
Meet the experienced and professional team of the trusted business advisors and Cincinnati CPAs at LongSchaefer. Michael W. Long, CPA/PFS, focuses on helping to educate clients so that they can create, maintain and distribute their wealth with confidence. He graduated from Miami University in 1989, and is on the board of the Treasurer and Governance Committee of the Colerain Chamber of Commerce. Ronald A. Long, CPA/PFS, has more than 50 years of experience in public accounting, has a degree from Capital University in Columbus, and holds memberships in the Ohio Society of Certified Public Accountants and the Tax and Personal Financial Planning Divisions of the American Institute of Certified Public Accountants. Ronald Schaefer, CPA/PFS, retired in January 2020 after many years of dedicated service to the Cincinnati area. He is one of the founding members of LongSchaefer.
In order to comply with the Ohio Health Department Order & CDC social distancing recommendations, our offices are closed until further notice. Rest assured that our established protocols and available technology will allow us to provide the same level of service and quality you expect from LongSchaefer during this time.
The SBA has announced details of how it’s helping small businesses through the Coronavirus outbreak. The IRS is sending payments to families affected by this crisis.
Please click on our Coronavirus information pages for more information.