The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others that expired on December 31, 2020.
With all the changes that took place in 2020, we recommend that you should be informed of the following insights.
Borrow $100,000 from Your IRA and Pay It Back Within Three Years with No Tax Consequences
Thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), IRA owners who were adversely affected by the COVID-19 pandemic were eligible to take tax-favored coronavirus-related distributions ...
The new Paycheck Protection Program (PPP) law enacted with the recent stimulus package adds dollars to your pockets if you have or had PPP money. If you are going to apply for PPP money for the first time, the favorable rules in this article apply to your newfound tax-free money.