Time_Sensitive


How to use the Economic Impact Payment Cards

I’ve been hearing that people are getting their stimulus payments in the form of an “Economic Impact Payment Card” instead of a check. I’ve checked it out: it’s not a scam, it’s really the government trying to send you money (using MetaBank as a bizarre middleman for some reason.) Here’s what you need to do if you get this: 1.) Call 1-800-240-8100 and press 1 for English, then 1 to activate the card. 2.) Punch […]


COVID Relief for the Self-Employed

I’m reading #TaxTwitter to try to keep up with the rapid changes happening to help the Self-Employed. The national programs are the Economic Injury Disasters Loans (EIDLs) or the Paycheck Protection Program (PPP): here is a great resource created by Sam Jacobs. I’m also really appreciating the writings of Adam Markowitz and Jeff Levine on #TaxTwitter about these programs. I think it’ll break down this way: If you are self-employed and have no employees (or […]


How to Apply for MA Unemployment if you’re Self-Employed

It’s open! Apply for Pandemic Unemployment Assistance for the Self-Employed using this link. You’ll want a guess about your income from 2019, using your GROSS income, the top line on your Schedule C. You can estimate it. You’ll need your driver’s license on hand. You’ll need a check handy to give them the routing numbers and account numbers for direct deposit. You may need “wage records”, which includes 1099s and W-2s. I’ve got them all […]


If you haven’t gotten your $1200 stimulus check, read this!

Yesterday I discovered that people who didn’t get refunds on their most recent tax return don’t seem to be getting the direct deposits, even if their banking info is on file. The IRS does not assume the account you use for making payments is the account they should direct deposit into. There are three solutions: 1.) Ignore this. If your income is over $99K as a single person, $136.5K as Single Filing as Head of […]


If your bank has changed since you last filed a tax return, you need to see this!

This morning I woke up and discovered that there’s a live tool to change your bank account with the IRS if you changed bank info since 2018 but haven’t yet filed for 2019. I had a client in that situation, so I called up and got permission to do this, and this is how it went. 1.) It’s an Intuit product, basically using the front end that TurboTax uses. You have to create a login […]


Urgent Student Loan Changes in a Nutshell

Student loan deferrals are happening, in many cases automatically! Here’s the details, but the tldr; is that loans are at 0% and you may stop paying through September 30. Each individual lender is treating this somewhat differently about whether they’ve stopped automatic payments. It’s a very good idea to stop your automatic payment when you’re being offered a 0% loan. Some people – those who are eligible for loan forgiveness – will just be paying principle for […]


Nutshell tax changes for my clients over 70

RMDs are suspended for 2020! That means that we do not HAVE to take a distribution. You still can, of course, you just aren’t being required to. It’s still a good idea to use up low tax brackets with IRA distributions even if you’re not being forced. I’ll be revisiting this for all my ProsperiTea Planning retainer clients during our regular tax planning meetings. If you’ve already taken them in 2020 you can roll it back in […]