Is the Stimulus Checks free money?

Is the Stimulus Check Free Money?

All of the final details are still rolling out on the stimulus check. Don’t get bogged down in all the news hype until it’s completed by the IRS. Because the President doesn’t have much input on exactly how and where this will take place. There are many working parts in such a large bill that was just passed a mere few days ago. Is the stimulus check free money? Yes and no. Yes because this is a tax credit and will not account for part of your income and be taxed upon when you file. No, because this money we are tapping into will need to be replaced one day. I’m sure there will be more information regarding this once this is all over. Because there is an immediate need for this stimulus check to arrive now, to enable our economy not to crash.

The details put out by the IRS.

1. Not everyone will get one. Most will receive one.
2. The stimulus check is a tax credit and will be on your 2020 tax return as such.
3. There are limits placed on this based on your income.
4. Most reliable source for updates can be found in this article.

On the home front.

My daily routine consists of wrestling my toddler to put on new clothes, breakfast for everyone and cleanup. Each day I attempt a shower and hurry to put something on my face (lol) so I don’t look dead. Off to daycare with my son and into my office. Currently my office has two occupants, one is me of course and one is my second grader. Remote learning begins! Into the news articles to stay updated just to have a small glimpse of what is going on in the world. Emails, PM’s and texts to make sure I haven’t missed anything and hurry into my hourly meetings for bookkeeping. This is what I pride myself in the most. Pop Up Bookkeeping is by far the most fulfilled I’ve been in a workplace. Because it offers me a challenge, growth and above all relationships. Dinnertime arrives and then I am ready to crash.

Up next? Tomorrow more about stimulus checks and recommendations on what to use them for.

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