Stimulus Package Will Give Americans One-Time Direct Payment

Under the legislation, single Americans would receive a onetime payment of $1,200, married couples would get $2,400, and parents would see $500 for each child under age 17.

However, the payments would start to phase out for single individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for married couples.  Gross income will be based on your 2019 tax return.  If your 2019 return has not yet been filed, your 2018 tax information will be used.  

According to the CARES Act proposal on Monday, payments phase out at a rate of $5 per every additional $100 in income starting at $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples filing jointly. For example, a single adult who earns $85,000 would get $700 (a decrease of $500 due to their higher income).

Some will receive nothing. A single, childless adult who earns more than $99,000 would get no money, and childless couples with $198,000 would also be phased out entirely.

Checks will be issued two ways.  Direct deposit will be used if the IRS has your banking information in their system.  Otherwise, individuals will receive a paper check in the mail.  As of today, checks are estimated to arrive in mid-April.  

Still have questionsclick here to view some FAQs  

Not sure what to do with your checkCNBC has some suggestions

Bank of America Mortgage Relief

Bank of America is offering loan deferment for home owners with mortgages through them. You have to call your local bank and they will set up a phone conference to see if you qualify. The deferred payments will be added onto the end of their mortgage payments. Currently it is unknown how many payments will be deferred. Contact your local Bank of America today!

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Resource Guide for Small Businesses Effected by COVID-19

Many small businesses need help with the recent order to “Stay Home Stay Safe” that was passed on 3/21/20 to stop the spread of COVID-19. Here is a guide to help you through these tough times. Please call our office if you have any questions or need assistance 734-464-3660. Keep watching our blog and Facebook page as we will keep you updated with new information as it is released.

Click here for Resource Guide for Small Businesses (Updated 8/30)

Executive Order 2020-21

Effective until April 14 all Michigan residents were ordered to “Stay Home, Stay Safe”. All non-essential business operations must remain closed to stop the spread of COVID-19.

Click here to view Executive-Order 2020-21

Click here for a Power Point presentation about Executive Order 2020-21

Breaking News

Here at AFS we hope everyone is safe during this pandemic. We understand the importance of “social distancing”. We are remaining open to serve your needs, but we do offer other options (see below) to accommodate everyone’s needs in this National Emergency

Valentine’s Day Party

AFS Taxsavers Celebrates Valentine’s Day!

Congratulations Betty, winning a gift card to Tim Hortons! At 92 years old Betty still shows up to work and handles all of AFS Taxsavers filing, birthday cards and thank you cards. You voted and chose Betty as the winner of our Valentine’s Day dress-up contest! She edged out Gary and Pancakes by 1 vote. It must have been her homemade cookies that got her that extra vote. Thank you for voting. We love celebrating good times with our coworkers and our members. Everyone is welcome to join us next month for our St Patrick’s Day Party in March!

AFS Taxsavers, INC. Yearly Donation

Every Friday and Saturday at AFS Taxsavers, INC. is casual dress day.  When choosing to dress casually each employee is asked to donate a dollar.  Throughout 2019 the employees at AFS Taxsavers, INC. raised $277.98.  Gary and Karen rounded that $277.98 up to an even $500.00.  Not bad for an office that has only five to six people working most days.   

In 2019, the $500 was donated to the Hope Clinic.  The money helped fund the Christmas Adopt-A-Family Program.  The program adopted 180 families and gave away a total of 1,845 gifts.  In addition to the adoptions, there were two days of Christmas shopping at the Christmas Store.  The Christmas shopping was set up for the families that did not get adopted.  The Christmas Store was able to help another 324 families.  Hope Clinic also held raffles while the Christmas Store was open.  They raffled off bikes and gift cards.  Here are some pictures to show some of the items that were available inside of the Christmas Store.

Over the last 12 years AFS Taxsavers, INC. has donated over $11,000 to various organizations. We have already started filling our donation jar for 2020.  Stay tuned to see which organization will receive our donation this year. 

5 Yearly Tax Essentials

Five Yearly Tax Essentials

EA Class Stream 11/26/19

Here is the EA Class stream from 11/26/19. This stream covers Chapter 17: Decedent, Estate, and Trust Income Tax Returns & Chapter & Chapter 18:
Retirement Plans for Small Businesses & Chapter 19: Exempt Organizations. The password is the same as when the class was live.

EA Class Stream 11/21/19

Here is the Ea Class stream from 11/21/19. This stream covers Chapter 13: Corporate Income and Losses & Chapter 14: Corporate Deductions & Chapter 15: Corporate Distributions & Chapter 16: Corporate Liquidations and Redemptions. The password is the same as when the class was live.