{"version":"1.0.0","segments":[{"startTime":5.87,"endTime":7.79,"body":"hello and welcome to taxes."},{"startTime":7.79,"endTime":9.92,"body":"Made simple, not a speed round this time."},{"startTime":9.98,"endTime":10.34,"body":"Nope."},{"startTime":10.55,"endTime":14.3,"body":"You've got some one-on-one time"},{"startTime":10.55,"endTime":14.3,"body":"with your boy chase Berkey today."},{"startTime":14.3,"endTime":18.275,"body":"I wanted to run you through what you"},{"startTime":14.3,"endTime":18.275,"body":"need to know about the upcoming $1.9"},{"startTime":18.275,"endTime":22.82,"body":"trillion stimulus bill that president"},{"startTime":18.275,"endTime":22.82,"body":"Biden promised, and that Democrats will"},{"startTime":22.82,"endTime":25.25,"body":"be passing without Republican support."},{"startTime":25.82,"endTime":27.56,"body":"So what's in and what's out."},{"startTime":27.915,"endTime":31.965,"body":"And what should you be considering as"},{"startTime":27.915,"endTime":31.965,"body":"you plan for the next round of relief?"},{"startTime":32.384,"endTime":36.045,"body":"Let's dive in and to be clear,"},{"startTime":32.384,"endTime":36.045,"body":"we're only focusing on the elements"},{"startTime":36.045,"endTime":39.495,"body":"that directly financially impact"},{"startTime":36.045,"endTime":39.495,"body":"individuals and businesses."},{"startTime":39.765,"endTime":42.705,"body":"So we'll exclude funding for"},{"startTime":39.765,"endTime":42.705,"body":"state and local governments,"},{"startTime":42.975,"endTime":44.864,"body":"vaccines and testing, et cetera."},{"startTime":45.405,"endTime":50.295,"body":"So what do we know is in this bill"},{"startTime":45.405,"endTime":50.295,"body":"and is likely to stay for starters,"},{"startTime":50.325,"endTime":51.885,"body":"there will be stimulus checks."},{"startTime":52.17,"endTime":56.25,"body":"And they will be for $1,400"},{"startTime":52.17,"endTime":56.25,"body":"per person in a tax household."},{"startTime":56.67,"endTime":60.57,"body":"This means that all dependents"},{"startTime":56.67,"endTime":60.57,"body":"children and adults will qualify"},{"startTime":60.57,"endTime":65.91,"body":"for $1,400 each on top of the"},{"startTime":60.57,"endTime":65.91,"body":"$1,400 for the taxpayer and spouse."},{"startTime":66.48,"endTime":71.61,"body":"In other words, a family of five"},{"startTime":66.48,"endTime":71.61,"body":"gets $7,000 in order to qualify for"},{"startTime":71.61,"endTime":75.87,"body":"the full amount singles must make"},{"startTime":71.61,"endTime":75.87,"body":"less than 75 K and that's in terms"},{"startTime":75.87,"endTime":77.19,"body":"of their adjusted gross income."},{"startTime":77.61,"endTime":82.11,"body":"And married couples must make less than"},{"startTime":77.61,"endTime":82.11,"body":"150 K the payments would be phased out for"},{"startTime":82.11,"endTime":86.46,"body":"those making more than those amounts with"},{"startTime":82.11,"endTime":86.46,"body":"singles likely to be completely phased out"},{"startTime":86.46,"endTime":91.71,"body":"at a hundred K and married at 200 K as was"},{"startTime":86.46,"endTime":91.71,"body":"the case with previous stimulus checks."},{"startTime":93.12,"endTime":97.86,"body":"Next enhanced unemployment benefits"},{"startTime":93.12,"endTime":97.86,"body":"of $300 a week that are set to"},{"startTime":97.86,"endTime":102.15,"body":"expire on March 14th will be"},{"startTime":97.86,"endTime":102.15,"body":"extended through the end of August."},{"startTime":102.51,"endTime":104.97,"body":"And the amount will be"},{"startTime":102.51,"endTime":104.97,"body":"bumped up to $400 a week."},{"startTime":105.675,"endTime":109.005,"body":"It appears likely that the increased"},{"startTime":105.675,"endTime":109.005,"body":"amount would kick in after the original"},{"startTime":109.005,"endTime":114.045,"body":"expiration date of March 14th, the"},{"startTime":109.005,"endTime":114.045,"body":"child tax credit will increase to"},{"startTime":114.045,"endTime":118.965,"body":"$3,000 per child from its current"},{"startTime":114.045,"endTime":118.965,"body":"$2,000 amount for children under"},{"startTime":118.965,"endTime":122.205,"body":"age six, the credit would be $3,600."},{"startTime":122.235,"endTime":125.205,"body":"So a pretty substantial"},{"startTime":122.235,"endTime":125.205,"body":"increase here further."},{"startTime":125.205,"endTime":128.324,"body":"The credit would be made refundable,"},{"startTime":125.205,"endTime":128.324,"body":"which basically means you'd get"},{"startTime":128.324,"endTime":130.965,"body":"it regardless of whether you"},{"startTime":128.324,"endTime":130.965,"body":"made any money during the year."},{"startTime":131.655,"endTime":134.055,"body":"This is only going to be in law for 2021."},{"startTime":134.4,"endTime":137.519,"body":"But Democrats will likely seek to"},{"startTime":134.4,"endTime":137.519,"body":"make this permanent at a later date."},{"startTime":138.96,"endTime":143.49,"body":"Also the earned income tax credit would"},{"startTime":138.96,"endTime":143.49,"body":"nearly be tripled and would be available"},{"startTime":143.49,"endTime":145.65,"body":"to those 19 years of age and older."},{"startTime":146.07,"endTime":150.48,"body":"Currently the credit is only available"},{"startTime":146.07,"endTime":150.48,"body":"to those between ages 25 to 65"},{"startTime":150.84,"endTime":152.22,"body":"and is for a much smaller amount."},{"startTime":153.51,"endTime":157.29,"body":"For employers, the paid family"},{"startTime":153.51,"endTime":157.29,"body":"and sick leave tax credits would"},{"startTime":157.29,"endTime":159.09,"body":"be extended through October 1st."},{"startTime":159.51,"endTime":164.25,"body":"This tax credit is for employers who pay"},{"startTime":159.51,"endTime":164.25,"body":"their employees sick leave either because"},{"startTime":164.25,"endTime":168.36,"body":"they got COVID or they are caring for a"},{"startTime":164.25,"endTime":168.36,"body":"family member who contracted the virus."},{"startTime":169.23,"endTime":174.69,"body":"Next $15 billion would go to an additional"},{"startTime":169.23,"endTime":174.69,"body":"round of emergency injury, disaster loans."},{"startTime":174.96,"endTime":180.06,"body":"It K E I D L loans for small businesses,"},{"startTime":174.96,"endTime":180.06,"body":"businesses with less than 10 employees"},{"startTime":180.06,"endTime":181.68,"body":"would be given priority for this round."},{"startTime":182.22,"endTime":187.26,"body":"Also $25 billion would go to a new"},{"startTime":182.22,"endTime":187.26,"body":"grant program for bars and restaurants."},{"startTime":187.74,"endTime":191.67,"body":"A restaurant or bar could receive"},{"startTime":187.74,"endTime":191.67,"body":"up to $10 million to use for many"},{"startTime":191.67,"endTime":193.44,"body":"of their major expense categories."},{"startTime":194.25,"endTime":198.36,"body":"Another $7 billion would go to the"},{"startTime":194.25,"endTime":198.36,"body":"paycheck protection program and more"},{"startTime":198.36,"endTime":200.67,"body":"nonprofit organizations would be eligible."},{"startTime":201.3,"endTime":205.62,"body":"Then there's money for housing"},{"startTime":201.3,"endTime":205.62,"body":"specifically, $19.1 billion is"},{"startTime":205.62,"endTime":208.98,"body":"being set aside for low income"},{"startTime":205.62,"endTime":208.98,"body":"households to cover back rent,"},{"startTime":209.28,"endTime":211.17,"body":"rent assistance, and utility bills."},{"startTime":211.695,"endTime":215.415,"body":"$10 billion will be set aside for"},{"startTime":211.695,"endTime":215.415,"body":"struggling homeowners to help pay their"},{"startTime":215.415,"endTime":218.055,"body":"mortgage, property taxes and utilities."},{"startTime":218.685,"endTime":223.485,"body":"And finally, $5 billion would go to"},{"startTime":218.685,"endTime":223.485,"body":"assist those at risk of becoming homeless."},{"startTime":223.845,"endTime":227.385,"body":"All of this funding would be administered"},{"startTime":223.845,"endTime":227.385,"body":"by state and local governments."},{"startTime":227.775,"endTime":232.455,"body":"So what's out currently the"},{"startTime":227.775,"endTime":232.455,"body":"salt tax cap removal did not"},{"startTime":232.455,"endTime":233.865,"body":"make it into the draft bill."},{"startTime":234.315,"endTime":237.975,"body":"As a refresher, the salt cap"},{"startTime":234.315,"endTime":237.975,"body":"refers to the state and local tax"},{"startTime":237.975,"endTime":242.715,"body":"deduction, limitation of $10,000"},{"startTime":237.975,"endTime":242.715,"body":"when a taxpayer itemizes deductions"},{"startTime":243.255,"endTime":245.025,"body":"Democrats wanted to repeal this."},{"startTime":245.265,"endTime":249.135,"body":"But for one reason or another, have"},{"startTime":245.265,"endTime":249.135,"body":"not included the repeal in this bill."},{"startTime":249.66,"endTime":250.95,"body":"And what's on the brink."},{"startTime":251.52,"endTime":254.94,"body":"The minimum wage is scheduled to"},{"startTime":251.52,"endTime":254.94,"body":"increase from its current $7 and"},{"startTime":254.94,"endTime":259.31,"body":"25 cents an hour to $15 an hour"},{"startTime":254.94,"endTime":259.31,"body":"over the course of five years."},{"startTime":259.34,"endTime":263.33,"body":"But there is a lot of uncertainty as to"},{"startTime":259.34,"endTime":263.33,"body":"whether this will be allowed to be passed"},{"startTime":263.57,"endTime":265.7,"body":"via the budget reconciliation procedure."},{"startTime":266.09,"endTime":269.39,"body":"The president himself, after all"},{"startTime":266.09,"endTime":269.39,"body":"has expressed doubts on whether"},{"startTime":269.39,"endTime":271.19,"body":"this will be able to be included."},{"startTime":272.055,"endTime":273.495,"body":"And one other thing worth mentioning."},{"startTime":273.525,"endTime":277.034,"body":"That's not part of the stimulus"},{"startTime":273.525,"endTime":277.034,"body":"bill is that schedule C businesses,"},{"startTime":277.185,"endTime":281.715,"body":"AKA sole proprietors, independent"},{"startTime":277.185,"endTime":281.715,"body":"contractors, and the self-employed can"},{"startTime":281.715,"endTime":286.094,"body":"now use their gross revenue instead"},{"startTime":281.715,"endTime":286.094,"body":"of their net profit for purposes of"},{"startTime":286.094,"endTime":288.224,"body":"determining their triple P loan amount."},{"startTime":288.914,"endTime":292.034,"body":"So obviously this will make"},{"startTime":288.914,"endTime":292.034,"body":"for a much higher loan amount."},{"startTime":292.74,"endTime":296.46,"body":"And unfortunately, if you already got"},{"startTime":292.74,"endTime":296.46,"body":"your triple P loan, you're not going to"},{"startTime":296.46,"endTime":299.76,"body":"be able to go back to the bank to get"},{"startTime":296.46,"endTime":299.76,"body":"topped off at the higher loan amount."},{"startTime":300.27,"endTime":303.21,"body":"So this really only is a benefit"},{"startTime":300.27,"endTime":303.21,"body":"to those who haven't taken their"},{"startTime":303.21,"endTime":305.669,"body":"first and or second triple P loan."},{"startTime":306.21,"endTime":308.07,"body":"So that about wraps it up."},{"startTime":308.549,"endTime":311.669,"body":"There's a lot of moving parts here"},{"startTime":308.549,"endTime":311.669,"body":"that you want to be cognizant of to"},{"startTime":311.669,"endTime":314.909,"body":"take advantage of in the here and"},{"startTime":311.669,"endTime":314.909,"body":"now, so that you're not waiting until"},{"startTime":314.909,"endTime":317.07,"body":"next year to realize the tax benefits."},{"startTime":317.88,"endTime":322.17,"body":"It's likely that you'll be able to get an"},{"startTime":317.88,"endTime":322.17,"body":"advance on the increased child tax credit."},{"startTime":322.56,"endTime":325.8,"body":"And for all of the other tax benefits,"},{"startTime":322.56,"endTime":325.8,"body":"you could take advantage of those"},{"startTime":325.8,"endTime":329.34,"body":"now by lowering your withholdings"},{"startTime":325.8,"endTime":329.34,"body":"and or estimated tax payments,"},{"startTime":329.79,"endTime":333.18,"body":"dark horse CPAs are here to help"},{"startTime":329.79,"endTime":333.18,"body":"you navigate through all of this."},{"startTime":333.69,"endTime":337.74,"body":"And as a parting thought, it's highly"},{"startTime":333.69,"endTime":337.74,"body":"likely that this tax season will"},{"startTime":337.74,"endTime":342.539,"body":"once again be extended beyond April"},{"startTime":337.74,"endTime":342.539,"body":"15th, most likely to July 15th."},{"startTime":343.17,"endTime":346.68,"body":"There's a host of reasons for this,"},{"startTime":343.17,"endTime":346.68,"body":"from weather disasters to a late"},{"startTime":346.68,"endTime":350.4,"body":"start to the filing season, to"},{"startTime":346.68,"endTime":350.4,"body":"another round of COVID legislation."},{"startTime":350.76,"endTime":354.54,"body":"And it all adds up to pushing the"},{"startTime":350.76,"endTime":354.54,"body":"IRS to extend the filing deadlines."},{"startTime":355.47,"endTime":359.1,"body":"So thanks for tuning into TMS, or"},{"startTime":355.47,"endTime":359.1,"body":"if you're not into the whole brevity"},{"startTime":359.1,"endTime":363.51,"body":"thing, taxes made simple because"},{"startTime":359.1,"endTime":363.51,"body":"there's TMI and then there's Tim."}]}