Oklahoma Accountants Offer Advice Concerning Stimulus Checks

Oklahoma accountants are offering advice on how best to spend or invest the COVID-19 stimulus fund checks.

The Oklahoma Society of CPAs offers several resources and links on its website.

According to the IRS, individuals can receive up to $1,200, depending on income and family situation.

“If you make over $75,000, it doesn’t mean that you don’t get anything. It just starts to phase down. Until you hit about $99,000 or more,” local CPA Eric Johnson said

Johnson recommends both spending and investing the money if possible.

While the check is meant to stimulate the economy, it can also contribute to a personal emergency fund for the next unexpected event.

“Everything might seem fine today, but you may be in a situation where you need access to funds and if you don’t have those set aside, then you can get in a little more trouble,” Johnson said

According to Johnson, individuals who made more in 2019 than 2020, may not receive their full amount until tax time next year.

The Treasury Department is also launching an app for users to upload information, although the IRS will look through 2019 and 2018 refunds for data.

Johnson recommends heading over to the OSCPA website to find an accountant or other resource if needed.

“Certainly, your CPA or financial adviser can help you navigate those roads as well or give you advice on what the best use of those funds are,” Johnson said.