Stimulus check for 2020 were issued by the IRS during 2020 based on 2019 income tax returns. They are reconciling the stimulus checks on the 2020 tax return which is currently being filed. I am finding that many people with children between 17 and 24 that have earned income actually benefit from allowing their children to claim themselves as dependents. Everyone may not benefit from this strategy and the best way to know is to look at it both ways. I can do this for you if you’ll come see me.
The standard mileage rates for 2020 are as follows:
Business – .575 per mile
Medical / Moving .16 per mile
Charity – .14 per mile.
Of course you need to keep a good mileage log.
If you received unemployment in 2020 and filed your return prior to 03/16/2021 you probably need to amend your return. That is because the Stimulus package that was passed by Congress last week made up to $10,200 of unemployment not taxable. If you need to amend your return we can help you with that.