IN THE NEWS
STAY INFORMED WITH CURRENT NEWS AND HAPPENINGS FOR 2021
Unemployment Benefits + 2021 Stimulus Check Updates
If you’re looking to find more information about unemployment benefits and upcoming stimulus checks, we are here to help. At Coles & Holton, we're happy to assist you in navigating the current economic climate with tips and news to keep you well informed. For questions, contact us by phone at 615-712-9537 or by email at josh.coles@colesandholton.com and nick.holton@colesandholton.com.
Unemployment Resources & Information
This past year more than ever, people have been filing for unemployment. The current unemployment rate reported by the U.S. Bureau of Labor Statistics is 6.7 percent (Jan. 22, 2021). If you've lost your job, you may qualify for benefits. Residents in Tennessee can apply for unemployment on the Tennessee Government Unemployment website here.
Tennessee Unemployment Office States:
"Unemployment Insurance (UI) is a benefit program funded by Tennessee employers for workers who have lost their job by no fault of their own. Eligible claims may receive up to $275 per week in benefit payments. Qualified applicants are only eligible for a maximum of 26 weeks of unemployment insurance in a year."
Resources: https://www.bls.gov/news.release/pdf/empsit.pdf , https://www.tn.gov/workforce/unemployment/apply-for-benefits.html
Created: January 25, 2021
Stimulus Check Updates
Here's what you need to know about the 2020-2021 Stimulus Checks:
There have been two Economic Relief Packages passed by congress since 2020. Congress is currently debating the third Economic Relief package proposed by the Biden administration. Here's what you need to know:
Who qualifies for a stimulus check?
Individual tax filers with adjusted gross income up to $75,000 OR married couples filing joint returns with adjusted gross income up to $150,000. Families with dependents under the age of 17 will get an additional stimulus check for each child.
When will I receive it?
Those eligible should have received a direct deposit of $1,200 in March of 2020 and $600 in December of 2020. The third bill proposed by the Biden administration is still being debated by congress.
How much is the check?
The first stimulus check was sent in March of 2020 for $1,200 and the second was sent for $600 in December of 2020. There potentially will be a third stimulus check, and is still being debated by congress.
Where can I get my check?
Eligible taxpayers who filed tax returns in 2018 and 2019 will receive an automatic payment to the same bank account reflected on their tax return.
Can I still receive an economic impact payment even though I haven't filed my tax return for 2018 or 2019?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
Resources: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know , https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments , https://www.washingtonpost.com/us-policy/2021/01/14/biden-stimulus-covid-relief/
Created: January 25, 2021
