{"version":"1.0.0","segments":[{"startTime":4.31,"endTime":8.51,"body":"and we're back again for another episode"},{"startTime":4.31,"endTime":8.51,"body":"of Texas made simple to talk about"},{"startTime":8.51,"endTime":12.77,"body":"the latest developments of president"},{"startTime":8.51,"endTime":12.77,"body":"Biden's $1.9 trillion stimulus bill"},{"startTime":13.04,"endTime":17.9,"body":"nicknamed the American rescue plan,"},{"startTime":13.04,"endTime":17.9,"body":"as well as a massive change to triple"},{"startTime":17.9,"endTime":20.06,"body":"P loans for schedule C businesses."},{"startTime":20.51,"endTime":24.41,"body":"This is not a repeat of last week's"},{"startTime":20.51,"endTime":24.41,"body":"episode, but rather an important update."},{"startTime":25.015,"endTime":27.985,"body":"The biggest thing that has changed"},{"startTime":25.015,"endTime":27.985,"body":"with the stimulus bill since last"},{"startTime":27.985,"endTime":32.244,"body":"week is that stimulus checks have"},{"startTime":27.985,"endTime":32.244,"body":"been significantly narrowed in scope."},{"startTime":32.515,"endTime":35.725,"body":"The income limits were originally"},{"startTime":32.515,"endTime":35.725,"body":"supposed to be the same as the last"},{"startTime":35.725,"endTime":37.555,"body":"two checks, which allowed singles."},{"startTime":37.555,"endTime":41.455,"body":"Who've made below 75 K to get"},{"startTime":37.555,"endTime":41.455,"body":"the full check and get a partial"},{"startTime":41.455,"endTime":45.865,"body":"check for income between 75 K and"},{"startTime":41.455,"endTime":45.865,"body":"100 K under the latest revision."},{"startTime":45.865,"endTime":49.875,"body":"However, Singles will only be able to"},{"startTime":45.865,"endTime":49.875,"body":"get a partial check for income between"},{"startTime":49.875,"endTime":53.205,"body":"75 K to 80 K state of differently."},{"startTime":53.444,"endTime":58.275,"body":"Those making between 80 K to a hundred K"},{"startTime":53.444,"endTime":58.275,"body":"will not get a check under the new rules."},{"startTime":58.635,"endTime":62.895,"body":"Those making between 75 K to 80"},{"startTime":58.635,"endTime":62.895,"body":"K we'll get a much smaller check"},{"startTime":62.895,"endTime":65.835,"body":"than they would have otherwise"},{"startTime":62.895,"endTime":65.835,"body":"under the old income limits."},{"startTime":66.315,"endTime":69.785,"body":"However, their check may still be"},{"startTime":66.315,"endTime":69.785,"body":"larger than the last stimulus checks."},{"startTime":69.785,"endTime":74.475,"body":"Since this one will be up to $1,400"},{"startTime":69.785,"endTime":74.475,"body":"per person, as opposed to the last"},{"startTime":74.475,"endTime":77.145,"body":"stimulus check amount of $600 per person."},{"startTime":77.715,"endTime":81.765,"body":"Also, it will include all dependents"},{"startTime":77.715,"endTime":81.765,"body":"regardless of age, without a cap."},{"startTime":82.259,"endTime":85.619,"body":"For married taxpayers, you can"},{"startTime":82.259,"endTime":85.619,"body":"multiply the income limits by two."},{"startTime":85.8,"endTime":87.99,"body":"So you'll still qualify"},{"startTime":85.8,"endTime":87.99,"body":"for the entire check."},{"startTime":88.199,"endTime":96.63,"body":"If your income is below 150 K a partial"},{"startTime":88.199,"endTime":96.63,"body":"check between 150 K to 160 K and no check."},{"startTime":96.66,"endTime":98.789,"body":"If your income is above 160 K."},{"startTime":99.42,"endTime":103.38,"body":"And as a reminder, when I say"},{"startTime":99.42,"endTime":103.38,"body":"income, I'm referring to adjusted"},{"startTime":103.38,"endTime":105.57,"body":"gross income, also known as AGI."},{"startTime":106.56,"endTime":110.009,"body":"The other major change is that the"},{"startTime":106.56,"endTime":110.009,"body":"proposed increase in the federal"},{"startTime":110.009,"endTime":115.169,"body":"minimum wage from $7 and 25 cents"},{"startTime":110.009,"endTime":115.169,"body":"an hour to $15 an hour, that was"},{"startTime":115.169,"endTime":118.649,"body":"supposed to be phased in over the"},{"startTime":115.169,"endTime":118.649,"body":"next four years has been eliminated."},{"startTime":119.009,"endTime":122.16,"body":"If you've been following the legislation,"},{"startTime":119.009,"endTime":122.16,"body":"then you know that both of these"},{"startTime":122.16,"endTime":123.63,"body":"changes happened in the Senate."},{"startTime":123.929,"endTime":126.119,"body":"Since the house bill had"},{"startTime":123.929,"endTime":126.119,"body":"both provisions in it."},{"startTime":126.765,"endTime":129.465,"body":"As a result, it's going to"},{"startTime":126.765,"endTime":129.465,"body":"have to go back to the house."},{"startTime":129.495,"endTime":133.455,"body":"After it's passed in the Senate, before it"},{"startTime":129.495,"endTime":133.455,"body":"can go to president Biden for signature."},{"startTime":133.845,"endTime":136.725,"body":"At this point, it's mostly a race"},{"startTime":133.845,"endTime":136.725,"body":"to the finish line to get it done."},{"startTime":136.965,"endTime":140.655,"body":"So expect this bill to be"},{"startTime":136.965,"endTime":140.655,"body":"signed into law early next week."},{"startTime":141.225,"endTime":145.545,"body":"And when it comes to your 2020 tax"},{"startTime":141.225,"endTime":145.545,"body":"returns, you need to be especially careful"},{"startTime":145.545,"endTime":150.045,"body":"as to whether you should file now or"},{"startTime":145.545,"endTime":150.045,"body":"wait, given the new income limitations."},{"startTime":150.48,"endTime":157.11,"body":"If you're single and your 2019 AGI"},{"startTime":150.48,"endTime":157.11,"body":"was below 75 K in 2020 will even"},{"startTime":157.11,"endTime":163.17,"body":"be a dollar above 75 K wait to file"},{"startTime":157.11,"endTime":163.17,"body":"your return until after you get"},{"startTime":163.17,"endTime":165.08,"body":"your stimulus check running a foul."},{"startTime":165.1,"endTime":167.31,"body":"This could cost you thousands of dollars."},{"startTime":167.82,"endTime":173.19,"body":"If your 2019 income was even a"},{"startTime":167.82,"endTime":173.19,"body":"dollar above 75 K and your 2020"},{"startTime":173.19,"endTime":178.92,"body":"return is less than 75 K by all that"},{"startTime":173.19,"endTime":178.92,"body":"return, as soon as you possibly can."},{"startTime":179.429,"endTime":183.959,"body":"If you're married, multiply those numbers"},{"startTime":179.429,"endTime":183.959,"body":"by two and use the exact same logic."},{"startTime":184.59,"endTime":188.37,"body":"And if you're unsure about how best to"},{"startTime":184.59,"endTime":188.37,"body":"strategize your filings, give your local"},{"startTime":188.37,"endTime":192.209,"body":"Darcor CPA, a call or email, and they'll"},{"startTime":188.37,"endTime":192.209,"body":"be more than happy to help you out."},{"startTime":193.065,"endTime":197.685,"body":"Switching gears, the SBA released"},{"startTime":193.065,"endTime":197.685,"body":"a new interim final ruling, which"},{"startTime":197.685,"endTime":201.975,"body":"honestly is a contradiction in terms"},{"startTime":197.685,"endTime":201.975,"body":"that allows for schedule C businesses."},{"startTime":202.125,"endTime":206.894,"body":"So you're sole proprietors, freelancers,"},{"startTime":202.125,"endTime":206.894,"body":"independent contractors, et cetera, to"},{"startTime":206.894,"endTime":213.075,"body":"use gross revenue instead of net profit"},{"startTime":206.894,"endTime":213.075,"body":"to calculate their triple P loan amount."},{"startTime":213.69,"endTime":218.31,"body":"Further, this can be applied to both"},{"startTime":213.69,"endTime":218.31,"body":"first draw and second draw triple P loans,"},{"startTime":218.46,"endTime":220.74,"body":"but it cannot be applied retroactively."},{"startTime":220.86,"endTime":224.4,"body":"If you've already received a"},{"startTime":220.86,"endTime":224.4,"body":"triple P loan under the old rules."},{"startTime":224.76,"endTime":229.47,"body":"So if you didn't take a triple P loan,"},{"startTime":224.76,"endTime":229.47,"body":"take a look at your 2019 or 2020."},{"startTime":229.47,"endTime":235.17,"body":"Schedule C line seven and divide that by"},{"startTime":229.47,"endTime":235.17,"body":"12 and then multiply that number by 2.5."},{"startTime":235.665,"endTime":239.595,"body":"The result will be the triple P loan"},{"startTime":235.665,"endTime":239.595,"body":"that you qualify for under the new rules."},{"startTime":240.135,"endTime":243.885,"body":"However, keep in mind that to get"},{"startTime":240.135,"endTime":243.885,"body":"a second draw triple P loan, you'll"},{"startTime":243.885,"endTime":248.745,"body":"still need to be able to demonstrate"},{"startTime":243.885,"endTime":248.745,"body":"a 25% decline in those same revenues"},{"startTime":248.745,"endTime":254.175,"body":"reported on line seven of your"},{"startTime":248.745,"endTime":254.175,"body":"schedule C in 2020 compared to 2019."},{"startTime":254.535,"endTime":259.695,"body":"Unless you can show a 25% decline in"},{"startTime":254.535,"endTime":259.695,"body":"any given quarter of 2020 compared"},{"startTime":259.695,"endTime":261.524,"body":"to the same quarter in 2019."},{"startTime":262.095,"endTime":263.235,"body":"If that sounds like a lot."},{"startTime":263.62,"endTime":264.1,"body":"You're right."},{"startTime":264.13,"endTime":269.77,"body":"It is, but that's why you have a dark"},{"startTime":264.13,"endTime":269.77,"body":"horse CPA anyway, that's it for now?"},{"startTime":269.8,"endTime":272.74,"body":"Thanks for tuning in to"},{"startTime":269.8,"endTime":272.74,"body":"TMS or taxes made simple."},{"startTime":272.74,"endTime":275.08,"body":"If you're not into the whole"},{"startTime":272.74,"endTime":275.08,"body":"brevity thing, because there's"},{"startTime":275.08,"endTime":277.29,"body":"TMI and then there's TMS."},{"startTime":277.83,"endTime":278.37,"body":"See you next week."}]}