Congress is gearing up to send out stimulus checks to Americans across the country to combat the recession being created by the coronavirus pandemic. With stores, restaurants, and more being closed, and most other Americans forced to work from home, the country is gearing up for a recession or depression that is hasn't seen in almost a century. With lessons learned from the Depression and Great Recession, one of the biggest ways to stimulate the economy and keep American's financially safe is to simply give them cash to spend - to pay rent, buy food, and take care of their families. Let's look at the history of stimulus checks, and give you an idea of what to expect, how to prepare, and what you should seriously consider spending your stimulus check on given what we've learned from history. Note: An agreement was reached to include stimulus checks in the bill overnight on March 24. We will update with any changes when we see the official text of the law.
Mike McVay, Tax Accountant Blog
Certified QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, Fl
Mike McVay, Accountant -Experienced IRS Tax Resolution Specialist