Bright Line Tax

08/06/2020

Second stimulus check?

First like 👍, then read!

Both Democratic and Republican leaders announced they have agreed to reach a coronavirus-aid bill by the end of the day Friday, June 7 2020.

Parties want to support households and send $1,200. But there are other issues the parties can’t agree on which can delay the legislation. Once the bill passes, the lawmakers promise to start sending checks a week later.

When are you going to get your check?

The first batch of check will be sent to those who filed their 2018 and 2019 and had their refunds direct deposited onto their bank accounts. What about social security beneficiaries? If they had direct deposit information on file with IRS, they will be next to receive their stimulus money. It is also possible to receive a check by mail or prepaid debit card. Those who didn’t have to file their 2018 & 2019 returns will have to submit a form to IRS for their checks to be processed.

See https://www.irs.gov/coronavirus/economic-impact-payments to check the status of your payment and fill a form for non-filers. Make sure to fill out the form by October 15, 2020 to get your economic impact payment by the end of the year.

IMPORTANT! Do NOT fill out the form if you have already filed your 2019 taxes, IRS system will get confused and it will delay your payment even further.

The stimulus payment is essentially an advance credit for 2020. So you if didn’t receive a payment by the end of the year, you still will be able to get it after filing your 2020 tax return.

Still have questions? Call us or fill out the contact info on brightlinetax.com (link in bio) and we’ll help you to figure it out!

•

•

Photo by Steve Buissinne from Pixabay

#614

07/24/2020

Forgot to file your tax return?

Omg, did you totally miss July 15 deadline for filing an individual tax return?

Not a big deal if it’s the IRS that owes you money and not the other way around. Actually you have 3 more years to collect all your docs together and still get your refund back. But why would you want to leave your money on the table for that long? Do you know that you still have time to claim the refund even for 2016 tax return if you filed an extension on time? We helped multiple clients to file a few years of tax returns and we can help you!

Do you owe the IRS? Well, you still have to file and pay your taxes due. Unfortunately, you will face 2 penalties - failure-to-file and failure-to-pay, but doing so sooner than later will save you some penalties and interest. Still confused? Give us a call or just text and we’ll figure it out together!

•

•

•

Photo by jeshoots.com on Unsplash

#614

07/17/2020

So you filed an extension for your tax return, what’s next?

The deadline for individual tax returns and payments is October 15th, 2020! And you’ll be able to file any time before this date. Actually it is in your best interest to file as early as possible so that you could get your money back if the IRS still owes it to you. We should mention though, that extension is for filing your return only, and not for paying the taxes due.

With Bright Line Tax you can submit all your docs online and we’ll start working on your return right away. Or just schedule your appointment and see us in person. We are looking forward to meeting you!

•

•

•

Photo by Aron Visuals on Unsplash

07/14/2020

Still procrastinating? Tomorrow’s deadline might get anybody stressed out!

Get connected with a tax pro today! Snapping a picture of your docs and uploading them is as easy as 1,2,3 !

And if you still need more time, we can file an extension for you!

•

•

•

Photo by Tonic @ thetonic_co

07/10/2020

You can still beat the clock! Tax Day 2020 is July 15! Don’t second guess yourself, let professionals do all the work!

03/01/2020

02/24/2020

What is Child Tax Credit (CTC)?
One of the perks of being a parent is that you can get up to $2,000 in tax credit for every one of your kids.

The following requirements must be met to claim CTC:

1. The child must be 16 or younger by the end of the year.
2. The child must be a qualifying dependent (see “Who do I claim as a dependent”).

What does the CTC get you?

If you are filing jointly and your Adjusted Gross Income (AGI) is less than $400k or if filing under a different status and you AGI is less than $200k, then your tax liability can be reduced by up to $2,000 per qualifying child, and you could get up to $1,400 refunded to you on money left over from the reduction.
Photo by Marvin Lewis on Unsplash

02/21/2020

Let us know if you need help!

02/19/2020

Which expenses can I deduct on my self-employment income?
· Advertising.
Anything that you spend on marketing and advertising is fully deductible. Some examples include Google Ads, flyers, and radio commercials.

· Business use of car and mileage – current rates for 2019 are $0.58 per mile.

· Comissions, Fees & Memberships.
If you pay dues for professional organizations or payout referral commissions, etc. The cost can be deducted from your profit.

· Wages.
Money you pay to your employees or contractors is deductible as well as any cost of employee benefits such as health insurance and bonuses.

· Depreciation, Utilities and Repairs.
Any business asset depreciation and repairs are deductible.

· Interest.
If you incurred interest expense associated with your business (mortgage interest for portion of your home office or credit card interest) it can be deducted.

· Supplies.
Travel, Meals & Entertainment – up to 50% of meals are deductible when traveling. Up to 100% of travel expense or client entertainment expenses are deductible.

02/18/2020

Schedule your appointment today! #614

02/07/2020

https://www.brightlinetax.com/our-tax-blog/who-do-i-claim-as-a-dependent

So who counts as a dependent? Here is a full breakdown: 1. A dependent can be a. a Qualifying Child, or b. a Qualifying Relative A. Qualifying Child A child