+1 (954) 442-8771

Make a call

 Tax law changes that apply to your 2021 Personal and Business Tax Returns

Tax law changes that apply to your 2021 Personal and Business Tax Returns

The Consolidated Appropriations Act 2021 became law, including many extensions of expiring deductions and credits, extensions, and expansions of certain tax relief provisions

The Consolidated Appropriations Act 2021 became law, including many extensions of expiring deductions and credits, extensions, and expansions of certain tax relief provisions:


✔️ $600 advance payments of a tax credit per taxpayer ($1,200 for married filing jointly) plus $600 for each qualifying child. The credit phases out starting at $75,000 of modified adjusted gross income ($112,500 for heads of household and $150,000 for married filing jointly)

✔️ An extension of the ability for businesses to deduct 100% of certain meal expenses

✔️ A clarification that personal protective equipment is a deductible expense for qualified teachers as part of the $250 qualified educator tax deduction

✔️ An extension of the $300 deduction for cash charitable deductions if you claim the standard deduction ($600 for joint filers).

✔️ Clarification that gross-income will not include any forgiven amount of a Paycheck Protection Program (PPP) loan and that expenses paid with forgiven PPP loans are fully deductible

Leave a Reply

Your email address will not be published. Required fields are marked *