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COVID-19 Relief Law Boosts Temporary Tax Deductions and Credits

February 15, 2021

Don’t miss my new article!

In the new COVID-19 relief law, lawmakers enacted some extremely important legislation.

It was designed to provide tax relief during the devastating COVID-19 pandemic.

  • Some of the relief came in the form of direct government financial assistance.
  • Most of the provisions of the law came in the form of extra deductions or tax credits that put cash directly where you want it.

In your pocket.

Which deductions or credits will have the greatest impact on you, your tax return, and your bank account?

We’ll provide the answers when you…

Read my new article…

COVID-19 Relief Law Boosts
Temporary Tax Deductions and Credits

Five extra tax deductions and credits
you can use to your advantage:

  1. Get recovery rebate credits and advance payments for tax year 2020
  2. Get paid sick and family leave tax credits for employers and the self-employed for tax years 2020 and 2021
  3. Get 100% deductions for certain business meals provided by a restaurant for tax years 2021 and 2022
  4. Get increased ability to deduct cash charitable contributions for tax years 2020 and 2021
  5. Get increased access to refundable tax credits in tax year 2020

For full details, read the full article

Filed Under: Fringe Benefits, Legislation, Medical (for 105 plans see Section 105 medical plan), Tax Planning

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