Covid-19 Tax Breaks

Here is how COVID-19 may affect taxes this year:

• Charitable Gifts Raised From 10% to 25%
• Employers Can Defer 6.2% Share of Social Security
• Charitable Contributions Rise to 25%
• Self-Employed Workers Can Defer 50% of Self-Employment Tax
• The Employment Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before Jan. 1, 2021
• The Family First Coronavirus Response ACT gives all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members
• The tax stimulus credit is considered a tax credit. The payment does not get paid back. The is not taxable income. The payment does not count against your 2020 tax refund.

​* The information on this site is not intended to be a substitute for legal or financial advice. Users of this site are fully responsible for any consequences resulting from their use. Information from this article is based on research to include www.coronavirus-tax-and-economic-impact-payments.com .