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CARES Act Tax Tips and Changes
There are many tax changes from the CARES act you should know about. COVID-19 has affected tax laws, deadlines, and more.
1. Federal tax returns and payments deferred to July 15, 2020.
2. 1st and 2nd quarter estimated tax payment deadlines are moved to July 15, 2020.
3. Postponed IRA and HSA 2019 contribution deadlines extended to July 15, 2020.
4. Take a deduction for up to $300 in charitable contributions without having to itemize deductions starting in 2020.
5. Charitable contributions are not limited by your AGI
6. Net operating losses (NOLS) from 2018-2020 can be carried back five years.
7. The employer portion of payroll taxes between the dates 3/27/20 – 12/31/20 can be deferred over the next two years.
8. Take 100% bonus depreciation for qualified improvement property put in place by 2018.
9. You can borrow up to $100k from your IRA if you repay the amount within three years.
10. Tax credits are available to small employers and self-employed individuals.
If you have questions about how any of the points in this post affect your business, please contact us. We are happy to help in any way we can.
Thank you, Marissa and Larisa, for your contributions to this post.
See these tax tips in our full blog post here: https://modventuresllc.com/cares-act-tax-changes/
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By Gabby Luoma, CPA, CGMA
5
66 ratings
There are many tax changes from the CARES act you should know about. COVID-19 has affected tax laws, deadlines, and more.
1. Federal tax returns and payments deferred to July 15, 2020.
2. 1st and 2nd quarter estimated tax payment deadlines are moved to July 15, 2020.
3. Postponed IRA and HSA 2019 contribution deadlines extended to July 15, 2020.
4. Take a deduction for up to $300 in charitable contributions without having to itemize deductions starting in 2020.
5. Charitable contributions are not limited by your AGI
6. Net operating losses (NOLS) from 2018-2020 can be carried back five years.
7. The employer portion of payroll taxes between the dates 3/27/20 – 12/31/20 can be deferred over the next two years.
8. Take 100% bonus depreciation for qualified improvement property put in place by 2018.
9. You can borrow up to $100k from your IRA if you repay the amount within three years.
10. Tax credits are available to small employers and self-employed individuals.
If you have questions about how any of the points in this post affect your business, please contact us. We are happy to help in any way we can.
Thank you, Marissa and Larisa, for your contributions to this post.
See these tax tips in our full blog post here: https://modventuresllc.com/cares-act-tax-changes/