One of the most major actions the US government took to provide economic relief to its residents in the wake of the COVID-19 pandemic was the third wave of stimulus checks, which were authorized by the American Rescue Plan Act. Millions of Americans received the third stimulus check, a sizable sum that gave them much-needed financial support.
How much exactly did the third stimulus check cost? The third stimulus check had a maximum value of $1,400 per qualified person. Families with children under the age of 17 were eligible for an additional $1,400 per child, while couples who filed their taxes jointly may earn up to $2,800.
Individuals must have had an adjusted gross income (AGI) of less than $75,000, while couples who filed their taxes jointly must have had an AGI of less than $150,000, in order to qualify for the third stimulus check. For individuals and couples with higher AGIs, the stimulus check’s size gradually decreased; those making more than $80,000 or $160,000, respectively, were ineligible for the stimulus payment.
How many clients can you handle during tax season if you work as a Certified Public Accountant (CPA) or tax preparer? There isn’t a set amount because it depends on your team’s size, your level of experience, and your workload. However, depending on their level of experience and the complexity of the tax returns, the majority of CPAs can manage between 100 and 300 customers throughout tax season.
There are a number of procedures you must take if you want to launch your own accounting firm. In addition to writing a business plan, you must acquire the relevant education and training, licenses, and certifications. You must also take into account things like office space, personnel, and marketing.
Many tax professionals utilize the well-known tax preparation program TaxSlayer Pro. Depending on the plan you select, TaxSlayer Pro costs vary. The entry-level plan costs $299, and the top-tier package is $1,699. Additionally, you can buy add-ons like bank goods and E-file fees.
And finally, tax preparers may ponder whether they are permitted to use TurboTax to create tax returns for their clients. The response is affirmative, but there are restrictions. For small business owners and individual taxpayers with straightforward tax returns, TurboTax is made. It might not be the greatest choice for you if you have a lot of clients or complicated tax filings.
In conclusion, the third stimulus check was an important step the US government took to give its citizens much-needed financial aid. If you are a CPA or tax preparer, you might be considering how many clients you can manage, how to launch your own accounting firm, and what tax software to utilize. You may overcome these difficulties and give your clients the greatest service by following the guidelines provided above.