An accountant in Santa Clarita is weighing in on the stimulus package signed by President Donald Trump last week in response to the economic impacts of the coronavirus pandemic.

The $2 trillion stimulus package is expected to send direct payments of $1,200 each to individuals who earn $75,000 in adjusted gross income or less, and $2,400 to married couples who earn up to $150,000, with an added $500 per child, according to CNN.

“It’s merely a replacement for money that they’re losing because of the economic situation that we’re in,” said Santa Clarita CPA Matt Denny of Denny & Company, LLP. “It will be very useful to a lot of people, especially those who live paycheck to paycheck and for whom being furloughed is a huge, huge problem.”

Related: Santa Clarita CPA Firm Offering Curbside Assistance Related To Tax Returns, Other Services

While Denny noted he doesn’t necessarily recommend saving the money, he pointed out that every person’s financial situation and need is different. 

“There are some people that will need it, some people that will not,” he said. “You do have to manage your tax flow very carefully in these times, so it may be a consideration to do minimum payments on some of your installment debt if you anticipate that cash flow is going to be a problem further down the road. Basically just use it as you need it.”

Denny continued that the first priority is food, water and shelter, but advised caution when it comes to delaying payments related to housing. 

“Obviously, first things first — food, water and shelter,” he said. “If there’s a forbearance on the payment of the shelter part, fine, but do bear in mind that that’s going to come due at some point.” 

Ed. Note: This article is a KHTS Community Spotlight based on a recent radio interview with Denny & Company, LLP.

The Santa Clarita CPA firm Denny & Company, LLP was established in 1984, and is a full-service firm of Certified Public Accountants in Santa Clarita, including Partners Matt Denny and Carolyn Denny. The Santa Clarita accountants work with small businesses and individuals, specializing in catering to each client’s unique needs and desires using a flexible approach. As a CPA in Santa Clarita, Matt Denny shares his knowledge and experience regularly on “Common Ground” on KHTS Radio. Those looking for the best CPA in Santa Clarita or a “CPA near me” can contact Denny & Company, LLP for more information today.

Denny & Company, LLP

23929 Valencia Blvd. Suite 304

Valencia, CA 91355

661-286-8860

Denny & Company, LLP – Valencia

https://www.youtube.com/watch?v=QylWb8yr5dg

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