Lisa Greene-Lewis a tax expert with Turbo Tax gives a few tips on the benefits provided under the Cares Act.
The Coronavirus Aid, Relief and Economic Security Act (CARES) is a $2 trillion stimulus package to provide financial relief to individuals, families, and businesses and was signed into law. The 2020 coronavirus stimulus package will deliver relief through a range of measures, including an advanced tax rebate to taxpayers.
To name a few things that The Cares Act has expanded, Student Loan Payment Relief, Increase in Unemployment Payments, Financial Assistance Provided for Eligible Non-Profits and Self-Employed Individuals, and one of the biggest ones that Turbo Tax is hearing a lot of questions about, is the stimulus check to help people in need right now.
Who is Eligble?
- Anyone that has a valid social security number.
- Meet the income guidelines – make under $75,000 & single or $150,000 married filing jointly.
- Is not dependent.
If you meet the above requirements you should see the full stimulus check. You can also use the 2020 Stimulus Check Calculator and determine how much you will receive.
For more information on the Cares Act and tips on filing your taxes and how Turbo Tax can help you, visit and tag them in one of their many social media accounts: Website, Youtube, Tumblr, Instagram, Twitter, and Facebook.
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