9 & 10 News
March 10, 2021
Financial advisors at Intrust CPA say it could have an effect when filing your 2020 taxes.
Jon Sluis, President of Intrust CPA, says, “The first two are a 2020 tax item. So even though you received some in 2020 and some in 2021, it’s on your 2020 tax return. Now, issuing out this third round that are going to come out is on your 2021 tax return.”
Sluis says qualifying for the stimulus payments all comes down to your most recently filed tax return.
Sluis says, “If you qualify for ’18, ’19, or ’20 it’s on your return. So how you would get it now for the the first and the second stimulus is to file your 2020 tax return.”
9 & 10 News
February 4, 2021
Kevin Cleary is a tax and financial advisor at Professional Tax Service in Traverse City.
He says over the last few weeks he has been getting questions about how the recent stimulus checks will effect customer’s 2020 tax returns.
Cleary says, “We get a lot of questions about that. Is it taxable? No. It’s not. But it is a credit on your taxes. So it doesn’t negatively impact your taxes but if you did not receive it, let your accountant know so they can file that credit for you and you can get that money back.”
9 & 10 News
January 29, 2021
After hedge fund investors bet on stock of GameStop dropping, attention from a Reddit thread brought multiple people to buy shares- costing some investors over $5 billion.
CIO of Mercer Advisors, Don Calcagni, says this type of surge in a stock isn’t completely unusual, but the amount everyday people participating is.
“It was a group of non professional investors that actually took the hedge funds to the cleaners,” says Calcagni. “These folks said you know what let’s all buy the stock and push up the price. Which, in turn, hurts those firms who tried betting against the price.”