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hey folks tony here from rebel financial so i have a bit of a hoarse throat so i'm going to try to make this through the video here without any issues so a couple of questions that i want to answer that i've been asked recently the biggest one is about the economic impact payment and how that affects your taxes so in theory what it's a it's a not in theory but it is a tax credit and so just like any other tax credit it is applied dollar for dollar against your taxes however most people already received their first one back in the spring and their second one in early 2021 so if you didn't receive either of those at all or if you feel it's less than you should have then you will go back to your taxes for 2020 and claim that credit okay and even the one at the beginning of 2021 is for your 2020 taxes so that's a bit unusual but that's how we're doing it so let me just show you the 1040 here real quick um this is the the 2020 1040 and you'll simply go down here and i'm not going to get into the details here but i just want people to understand what they need to do but this is how you would get money back if you feel you are still owed money you just come here and you'll see the instructions any kind of software is going to calculate it for you or your tax preparer so that shouldn't be an issue all right but that's how you need to think of it it's really a tax credit applied against the taxes you owe and if you've already received it then it's kind of a wash but if you if you're owed more uh then go and complete this okay another quirk this year that's different and i'm going to cover two more um there is something in the irs that says if the irs holds your refund for more than 45 days they actually owe you interest on it and once you once you receive that interest check you now owe taxes on that interest check because the irs held your money for a while but 2020 was different because part of the stimulus you know package was that everybody would receive interest on any of the taxes that were you know the refund that was withheld so i've already received my 1099 interest slip that tells me i owe i need to put that as income the 18 bucks or something that they sent me a check for a long time ago so so keep an eye out for that and when you get it you'll understand why the last thing i want to show you that also has to do with the taxes here is charitable income so these days because of the tax law changes that went into effect in 2018 we're now up to 90 people using the standard deduction so it's only if you use the itemized deduction that you get to declare um you know any kind of charitable giving for the most part but this year is different they've added a line here that allows you if you are using the standard deduction to include up to 300 and it doesn't matter if you're an individual or a couple that's 300 of of cash that you've given and the cash can be in a number of forms maybe use the credit card or a check or cash itself it just can't be like clothing and those things so uh but you can put it here so you get a little bit of a deduction if you're itemizing they're not going to give you this because you're already taking that in your itemized deduction so anyway just a couple things that they've changed this year and what to think about that economic impact payment so if you have any questions of course always you know reach out to us below and always um you know if you like this video of course help me out here and like it below okay anyway thanks again and we'll talk to you soon