The Consolidated Appropriations Act of 2021 includes over $900 billion in government spending to provide relief for businesses and individuals. The update may include provisions and credits that will likely impact your personal and business taxes in 2020. Marina Parkin (Koontz & Parkin, CPAs), Jo Ann Koontz and Jackie Durham (Koontz & Associates, PL) explain how these individual, business and energy credits and incentives will impact you.
1:50 Consolidated Appropriations Act: What and Why?
5:00 Second round of stimulus payments: $600, $1200, $600 (75k and 150k).
8:40 Filing due dates and extensions in 2021.
9:30 Additional unemployment assistance.
12:49 Dealing with increased amount of IRS notices.
16:56 Charitable provisions.
19:32 Educator tax deduction.
20:43 Child tax credit limit.
22:39 Medical expense deduction and health savings accounts.
27:51 Debt forgiveness on principle residence mortgage.
29:40 Coronavirus and disaster related distributions from retirement account
32:43 Emergency Financial Aid Grants
33:19 Education credits.
37:32 Employee retention credit
40:20 Paid sick and family leave provision
41:25 Meals 100% forgiven for meals at restaurants. "Entertainment" not included.
43:08 Credits for paid family medical leave.
43:36 Net operating lose.
45:40 Qualified property improvements.
46:31 Energy credit for windows, doors, roofs, water heater, etc.
47:08 Solar credit extended.