"Gaming" hardware as business expense

imhigh.today · September 12, 2020, 3:05am

Nothing I can add.

I have one more thing, instead of tagging him…

ThatBootsGuy's Tax Knowledge and Assistance Community Blog

2020 Stimulus breakdown Let’s break this stimulus thing down into a language people can understand. 1. Who qualifies? Any taxpayer who is not a nonresident alien (duh) nor claimable as a dependent and is within the federal adjusted income range specified as: 75,000 for single filers 112,500 for head of household filers 150,000 for joint filers If your FAGI (Federal Adjusted Gross Income) is less than or equal to those amounts you will get the full credit as denoted later. If you earn more than those amounts you will be phased out of the credit subject to the following rule: The credit is limited by 5% of the income that exceeds the above income limits. To put it into very simplistic terms, for every $100 your FAGI is above the limits your total credit amount will be reduced by $5. How much money will I get? The credit is $1,200 ($2,400 for joint filers) plus an additional $500 for every qualifying child for which one could claim the child tax credit (basically any directly related dependent under 17 years of age at the close of the tax year). It doesn’t look like there’s a cap on the number of children as far as I can tell. How do they determine this? The IRS will first look to your 2019 tax return, in the case there is not one then they will look at your 2018. If neither of those exist then they will look at your form SSA-1099 (social security distributions) or RRB-1099 (Railroad Retirement). If you have not filed a 2018 or 2019 and you don’t receive social security or railroad retirement benefits then you will be deemed as ineligible to receive the credit, so tell old people who don’t file and don’t receive those benefits to file ASAP if they want this credit. There is also a provision in the law for a public awareness campaign to hopefully provide some clarity on this. How and when will I get my money? If you had your return direct deposited, then they will put it directly into that account. If not I assume they’ll mail it (the law doesn’t …