Stimulus check for Reefing

Haven't looked into it but isn't it just a tax forward that needs to be repaid upon doing taxes?

That’s how it’s been done in the past.

I’m not completely sure but I thought I read this one is handled differently.
 
I believe the check will come due next tax season. I think the conventional wisdom is that it will reduce your refund or write off next year. So you are borrowing against next year's taxes. The government taketh and the government taketh away....
 
Small business Payroll Protection Plan will have some strings as well. Not free money until they actually decide you meet the "grant" requirements. If you can avoid taking the money you might be better off in the long run. If I get one we are going to bank incase we have to give it back...
 
I believe the check will come due next tax season. I think the conventional wisdom is that it will reduce your refund or write off next year. So you are borrowing against next year's taxes. The government taketh and the government taketh away....

Check out this website. There are many more. You will not have to pay back the stimulus check.


Unfortunately I'm not getting a stimulus check, but I'm ok. My adult children have received their checks and I'm thankful for that.
 
Its going to go towards my 90 gallon build

Aquatic Life 48" T5 hybrid
Reef Octopus Varios 4
Reef Octopus Octo Pulse 4
4x ATI T5 bulbs
2x 150w Eheim Jagers
20lbs of live sand.
Probably a few unions, ball valves, gate valves, and PVC.

I'm going to wait to see if they start doing sales in order to move product.
 
I believe the check will come due next tax season. I think the conventional wisdom is that it will reduce your refund or write off next year. So you are borrowing against next year's taxes. The government taketh and the government taketh away....

Nope, that isn't the case here. This is essentially a tax credit that the government is giving you in advance. Normally you'd get a 2020 tax credit when filling out your taxes in the beginning of 2021. The Bush tax credit was the exact same thing, but the only difference is you didn't receive that credit until you filed you taxes. The stimulus checks won't get taxed now or when you file your taxes and they also won't effect next year's tax return.

If you typically get a return of $1000, you'll still get $1000 next tax season. If you typically owe a $1000, you'll still owe $1000 next tax season.
 
Haven't looked into it but isn't it just a tax forward that needs to be repaid upon doing taxes?
No it is
This is a stimulus check. It does not have to be paid back.
The stimulus checks paid per person based upon prior years returns is not returnable to the government.
 
My stimulus is going into savings. I want to see how the economy recovers when people start going back to work and businesses open back up. The optimistic side of me says it will bounce right back, the pessimistic side of me says there are going to be a ton of bankruptcies and foreclosures and we slip into a massive recession.

All goes well I'll spend my stimulus in the Fall on something cool for the tank.
 
According to the news we should all buy PPE and hide under our beds lol!
Won't work. Tank won't fit under the bed. I've got a large closet though. Hmmm.
 
What’s are you guys getting with your stimulus check? Received mine today, I spent the entire check on a tunze stream 3.
Thats funny I was just thinking about that. Just got a bounce, and zoa from lazy's and an acro and skittles bomb cyphastrea from TSA
 

IF YOU HAD TO TAKE A REEFING EXAM, WOULD YOU PASS?

  • Yes!

    Votes: 32 45.7%
  • Not yet, but I have one that I want to buy in mind!

    Votes: 9 12.9%
  • No.

    Votes: 26 37.1%
  • Other (please explain).

    Votes: 3 4.3%
Back
Top