00:05hey guys I know there's a lot of information floating around about stimulus checks and tax
00:11relief most of us are stuck at home so this might even be the perfect time to handle your taxes
00:16and
00:16assess your finances coming to you in real time to break down your money questions related to
00:21coven 19 in this video we'll go over stimulus checks as well as the tax extension and how it
00:28might impact your finances in the near future then keep watching for more money talks tax information
00:40amidst the impact of COVID-19 the U.S. government has taken action to help give relief to tax pain
00:46Americans whose livelihoods may have been affected by the pandemic like most tax related things it's
00:53a bit complicated so we have our tax money experts Tanya and Melissa with us hey Brittany Tanya hey
01:00first of all what's changed a lot has changed the government has postponed the April 15th tax
01:07deadline to July 15th meaning U.S. taxpayers will have a three-month extension to file and pay their
01:13taxes in addition to postponing the tax deadline the U.S. Senate has passed a two trillion dollar stimulus
01:21package that provides additional relief to tax paying Americans whose livelihoods may have been
01:26affected by the COVID-19 pandemic the highlight of this package is that some individuals could receive
01:33a check of up to one thousand two hundred dollars it might surprise you to hear this but that is
01:38actually a tax credit and directly tied to your filings people have a lot of questions about what this
01:44means for them so let's dive in my name is Nicole and I'm 24 years old my tax question is
01:50how does the
01:52new tax deadline affect me it affects every tax paying American under this extension you do not
01:57have to file or pay your taxes by April 15th the new federal deadline is July 15th most states have
02:03changed their deadline as well so you'll want to check out your state revenue website but just because
02:08there's an extension doesn't mean you should use it for people who are expecting a tax return it actually
02:14makes sense to stick to the original deadlines because you'll get your check a lot sooner and for people
02:19financially impacted by the coronavirus that cash could really be useful right now if you're not sure
02:24whether or not you'll have a return see our playlist for more information about how returns work
02:29hello my name is Jeanette and I am 31 years old and my tax question is what exactly is a
02:36stimulus package
02:37a stimulus package is a package of tax rebates and incentives that a government uses to stimulate
02:43their economy and avoid a financial crisis hi my name is Roja and my question is are the stimulus
02:49checks tied to your taxes great question yes the amount you receive is directly linked to your tax return
02:56hi I'm Eduardo I work for Refinery29 I'm 27 years old and I'm from Sicily my question is how is
03:05it
03:05dependent on my tax return and which year should I be looking at it's dependent on your tax return
03:12because the stimulant is dependent on your income which will be calculated based on your tax report
03:16you haven't filed your tax return for 2019 you may use your 2018 return you haven't filed either it is
03:22possible to use 2019 social security statement showing your income my name is Sharon and I am 29 years
03:27old where can I get the stimulus check okay so everyone wants to know how are you going to get
03:32your money
03:32in order to get a stimulus check you will need a social security number and live in the United
03:37States luckily for you there are no forms to fill as checks will be based on your latest tax return
03:42so if you filed your 2019 taxes already there's nothing for you to do hi my name is Julia I'm
03:4827
03:48years old and I'm a video coordinator living in Los Angeles and my question is how much will I get
03:54and
03:54how do they determine the amount I get basically it's based on your adjusted gross income your marital
04:00status and the number of children that you may or may not have so look for adjusted gross income
04:04on your tax return and if you haven't filed your 2019 taxes yet it will be based on your 2018
04:10return
04:10most tax-paying adults will get $1,200 although some will get less depending on their income and for
04:18every child age 17 or under the payment will be an additional $500 so single adults with social
04:25security numbers who have an adjusted gross income of $75,000 or less would get the full refund amount
04:31of $1,200 married couples filing jointly with no children earning $150,000 or less would receive a
04:41total of $2,400 taxpayers filing as head of household would get the full payment if they earned less than
04:49$112,500 that year and then above those income figures the payment decreases until it stops altogether
04:58for single people earning $99,000 or married people earning $198,000 in the previous year something else
05:06you might want to know is if you are claimed as a dependent on someone else's tax return you aren't
05:11entitled to receiving a stimulus check i'm jane i'm 33 any advice on what the best way of spending
05:18or not spending my stimulus check would be most of us aren't going on vacation right now most of us
05:24aren't going to brunch with friends and so forth we're doing bare necessities and making sure we have
05:27our needs taken care of so put that money aside or use it for needs use it for groceries use
05:32it for
05:32things that use it for medication anything that you need to help you get through this time this is money
05:37that should actually help you navigate this easier with less stress and shouldn't be funds that are
05:43squandered it's not the time to go on a shopping spree or anything like that hi my name is justine
05:49i'm 24 years old and i'm originally from taipei taiwan and my tax question is what's the fastest way to
05:56get a check the fastest way to get your stimulus check would be to file your 2019 tax return setting
06:02up direct deposit i'm a direct deposit girl i don't know why anybody wouldn't do direct deposit these days
06:06but that's the fastest and the safest way to do it the irs is urging taxpayers to file as soon
06:12as
06:12possible as most refunds are still being issued within 21 days that could change so check the irs
06:19website for the most up-to-date details and another thing to keep in mind is that when the department
06:26of treasury begins locating taxpayer records the most recent year will show and no record is found for the
06:332019 tax year they will then take an extra step to obtain a 2018 tax record that extra step will
06:41create the delay in receiving your stimulus payment plus if you have direct deposit set up from your
06:472018 or 2019 returns the stimulus check will go directly into your bank account so no work for you
06:54on that part and just make sure that the mailing address that the irs has on file for you is
06:58accurate
06:59and up to date hi my name is anna i'm 30 years old and my question is if you haven't
07:05done your taxes
07:06for the past two years how does that impact you getting a stimulus check this may affect your ability
07:11to receive a stimulus check since the payment is calculated based on your return according to the
07:16irs website those without a 2018 tax filing on record could potentially affect mailings of stimulus check
07:22so if you have not filed out of fear of not being able to afford your taxes contact a tax
07:27professional who may be able to help you find an alternative payment plan or a different resolution
07:32thank you ladies and thank you for tuning in to money talks all of this information has been
07:37so incredibly useful especially in uncertain times like this but look at this as an opportunity to
07:43press the reset button look at it as an opportunity to reflect on your financial decisions to reflect
07:48on what makes sense for you going forward and to make a decision now to do the best thing for
07:53you
07:53for you based on what you have available to you
Comments