As Americans struggle with the health implications of the Covid-19 pandemic, the experts at Your Tax Service are monitoring the possible tax implications of the economic stimulus initiatives designed to shore up the US economy. “I can tell you that next year there’s going to be a ton of changes, because of this Corona business,” said Your Tax Service owner, Sal Colmenero. “There’s going to be a lot of questions, so it comes down to working with a tax professional who knows what they’re talking about.” Two things that Colmenero and his staff are monitoring closely are the government’s economic stimulus checks and the possible suspension of the federal payroll tax. The first round of stimulus checks went to almost everyone, including workers, retirees, and the disabled. Those checks are not taxable, and will not affect your 2020 taxes. However, the details of second round of stimulus checks have not been hammered out. “The second round of checks might be taxable, but that’s just my opinion,” said Colmenero. “We don’t know yet, until they approve it and send us the rules. It’s like the PPP (Paycheck Protection Program) loans. They’re still changing everything that was done since April. I would set aside a portion of second check just to make sure. Watch the news for updates, and watch our website, because once we find out what the rules are I update people and let them know.” Meantime, President Trump wants to hit the “pause” button on workers’ payroll taxes. Such a move would leave more money in people’s and employers’ wallets, but it could also produce headaches for workers and employers when the 2021 tax season rolls around. “Even if the payroll tax is deferred or suspended, my advice is to leave it there and don’t spend it,.” Colmenero said. “I tell my payroll clients the same thing. Make sure they save it, don’t spend it, because if it doesn’t go through or it doesn’t turn out as planned, and you have to pay back some or all of it, then you’ll be liable for that amount.” Colmenero says these and other possible changes still under consideration underscore the advantages of getting professional help with your 2020 taxes. Now celebrating its 20th anniversary and its seventh straight year as The Monitor’s Readers’ Choice for tax services, Your Tax Service offers professional help with an array of financial specialties, including: • Payroll Services • Bookkeeping Services • Notary Service • Life Insurance • Buy & Sell Properties • Financial Consultations • Debt Elimination Plans • Medicare Advantage Insurance • Investment Strategies “We take our time with each client to make sure they keep as much of their money as possible,” said Colmenero. “Our customers like the service that we provide. We’re here for them all year, not just during tax season. We’re knowledgeable in all the new changes, especially this year there are going to be a ton of changes, and my employees and I are up to date on all those changes. Finally, they like our prices compared to the competition.” For more information on how Your Tax Service can help you stake out your financial well-being, visit: www.yourtaxservicergv.com, or call them today at (956) 661-1800.
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