Moore Financial Tips for Trying Times

The House on Friday passed the $2 trillion coronavirus economic stimulus bill, and President Donald Trump is expected to sign it quickly.   The legislation, which was passed unanimously by the Senate on Wednesday, provides relief for workers and businesses that have been devastated by the outbreak. The legislation will provide billions of dollars in credit for struggling industries, a significant boost to unemployment insurance and direct cash payments to Americans. The measure increases unemployment payments and extends the benefit to those who typically do not qualify, such as gig economy workers, furloughed employees and freelancers. The bill increases the maximum unemployment benefit that a state gives to a person by $600 per week for four months.  The bill also provides for direct payments to Americans, giving individuals who make up to $75,000 a year checks for $1,200, couples making up to $150,000 payments of $2,400, and an additional $500 per child. The payment...

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration. https://www.sba.gov/disaster-assistance/coronavirus-covid-19

     Despite likely short-term financial damage to the state budget, Gov. Brian Kemp said Monday that Georgia will move its deadline for filing income tax returns from April 15 to July 15 amid the coronavirus pandemic.      The federal government had announced Friday that its income tax return deadline would be extended three months.     The move will provide relief to some taxpayers, and forcing governments to wait for tax payments may not seem like a big deal.      But the state's fiscal year runs from July 1 to June 30. So the decision will move the filing deadline into fiscal 2021, the next fiscal year.      The state, by law, must end the fiscal year with a balanced budget.      The change is less of an issue for the federal government, which ends its fiscal year Sept. 30 and borrows to keep funding its spending.      The sta...

  In this health crisis there are many people of all ages who need help - City of Smyrna staff put together this list of many organizations that provide assistance to those in need .  The organizations listed have their own criteria, policies, and procedures for services. This list is provided as a resource and is not a guarantee of services or outcomes. https://www.smyrnaga.gov/your-government/additional-resources

There have been so many changes & updates to filing dates ~ here's a handy reference tool that may help you navigate the changes. https://www.thebalance.com/income-tax-deadlines-3192862

This is a great article from the Washington Post explaining how much your stimulus payment will be.  A calculator is embedded in article to use to calculate your stimulus amount. Please note - The Washington Post is providing this story for free so that all readers have access to this important information about the coronavirus. Calculate how much you’ll get from the $1,200 (or more) coronavirus checks  

The Senate unanimously passed the  Coronavirus Aid, Relief, and Economic Security Act  (CARES). The House is expected to pass this legislation this morning and the president to sign it into law shortly after. Included in the legislation are 2020 recovery rebates for individuals. According to the  Senate Committee on Finance summary : All U.S. residents with adjusted gross income up to $75,000 ($150,000 married), who are not a dependent of another taxpayer and have a work eligible Social Security number are eligible for the full $1,200 ($2,400 married) rebate. In addition, they are eligible for an additional $500 per child. This is true even for those who have no income, as well as those whose income comes entirely from non-taxable, means-tested benefit programs, such as SSI benefits. For the majority of Americans, no action on their part will be required to receive a rebate check as the IRS will use a taxpayer’s 2019 tax return if filed, or alternatively, their 2...