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Blog

Covid-19 Tax Breaks

4/8/2020

4 Comments

 
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 .


4 Comments
Amber
4/8/2020 09:08:47 pm

This is such good information. I own a small business and am not sure how to make deductions on my taxes and usually do it myself. Can you email me so I can schedule something?

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Monica Henderson link
4/8/2020 09:14:26 pm

Please feel free to call us at 602-410-9290 or monica@copperstatetax.com !

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Small Business Accountant West Auckland link
8/24/2020 12:05:53 am

This is a wonderful blog on covid 19 tax breaks.Things to be considered include many options listed in this link. It is very useful article and would suggest others too. I am sure many people will come to read this in future. You have done a great job. One must check this stuartsnowaccounting.co.nz/small-business-accountant/ it gives us more info on this topic.

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sutherland e tax accountants link
9/25/2022 06:17:40 pm

You can lower your federal tax liability by utilizing the Child Tax Credit (CTC). Your income and the number of qualified children you are claiming determine how much credit you are eligible for. The American Rescue Plan of 2021 enlarged the CTC in response to the COVID-19 epidemic. From July through December 2021, the IRS made monthly payments totaling half of the total credit amount. The second half of the total CTC can be claimed when you submit your 2021 tax return.

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    Monica J. Henderson is a licensed Enrolled Agent with the IRS since 2002.

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