Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
At the end of 2020, Congress passed a $900 billion COVID relief package. Today, we’re sharing some highlights and what you should know moving forward.
We want to make sure we really understand some of the things that were buried in there to see if it’s something we can take advantage of or be aware of that could cost us later. For example, there are some tax-planning opportunities for 2020 and beyond.
Checks for $600 per taxpayer and children have already started going out. But you need to know about the AGI, or adjusted gross income threshold, which could reduce how much money you get.
Also, there were numerous changes to the PPP loans and who is eligible for a second round of relief. Congress also made extensive changes to how you ask for relief, what your period of coverage is and the deductibility of the expenses.
Here’s another big change: “Now your meal expenses are now potentially 100% business deductible on the business return,” said Matt. “You’re going to want to talk to your CPA about that.”
Another one is that now the employer payment for student loans is extended through 2025. Listen to the full episode to hear more about the stimulus relief package or use the timestamps below to jump to a specific section.
2:56 – $600 payments
6:51 – PPP loans
8:19 – Unemployment
9:08 – Social Security
10:54 – Qualifying medical expenses
13:05 – Charitable contribution benefits
14:40 – Meal expense deductions
15:32 – Student loans
16:58 – Flexible spending account
18:08 – What’s not in the stimulus package
19:35 – More on student loans
“Now your meal expenses are now potentially 100% business deductible on the business return. You’re going to want to talk to your CPA about that.”
-Matt Hausman
Additional Podcast Episodes:
- Investment Decisions Going into 2021
- Top Places to Retire and How They Affect You Financially
- Update on CARES Act and 401k Fees
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
