Extended Tax Filing Season and Stimulus Checks

Tax Expert Keith Hiatt, with ‘Breslow, Starling’ Certified Public Accountants in Greensboro explains some of the changes moving forward in 2020.

 

 Tax day has been extended til July 22

Will interest be charged if you own state taxes? Keith suggests that the NC state legislature will retroactively eliminate tax penalty or interest during the tax filing extension now through July 15.

 

The Cares Act: Giving to charities in 2020.  

Congress recently enacted the CARES Act – a federal government response to the coronavirus pandemic – includes provisions that encourage cash donations to nonprofit organizations in 2020

New Deduction Available: Up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is available only to people who take the standard deduction (for taxpayers who do not itemize their deductions). It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income (AGI), and thereby reduce taxable income. A donation to a donor advised fund (DAF) does not qualify for this new deduction.

Stimulus checks

Will we be ‘taxed’ on our stimulus money?  Keith suggests that no, the stimulus money should be used for bills and expenses brought on by the pandemic ‘shutdown’.

 

What have we learned from the COVID-shutdown?

Keith urges that we all assess some key questions as we cautiously move forward in 2020.

Do I have an emergency fund?

Am I prepared for another shut-down?

How is my budget? (What budget?)

Do I have the proper insurance coverage?  Have I shopped around lately?

Do a ‘Tax check up’ for 2020 before the end of the year!

Good News: If you file your tax return electronically, you should receive your refund within three weeks.

Helpful Links

http://www.breslowstarling.com/helpful-web-links.php

https://www.irs.gov/

Contact info: Keith S. Hiatt CPA

Breslow Starling Frost Warner Boger Hiatt PLLC
Certified Public Accountants

Location: 3825 W. Market Street, Suite 200, Greensboro, NC 27407

PHONE: 336-292-6872

Email: KeithS.Hiatt@breslowstarling.com

 

 

 

 

Verne Hill

Verne Hill

The News Guy – WBFJ Family Friendly Morning Show at WBFJ fm - Your family station!
I enjoy many things: Music. Family movie nights. My American flag flapping in the wind. Sunsets at the beach. Snow days. The Sweet Tea Party. Salvation through Grace…

VERSE: “Let everything that has breath praise the LORD” Psalm 150

QUOTE: “A person who loves his job, will never work a day in his life.”

MON-SAT 6A-10A(& Sunday@5 host)
verne@wbfj.fm
Verne Hill


Verne Hill

I enjoy many things: Music. Family movie nights. My American flag flapping in the wind. Sunsets at the beach. Snow days. The Sweet Tea Party. Salvation through Grace… VERSE: “Let everything that has breath praise the LORD” Psalm 150 QUOTE: “A person who loves his job, will never work a day in his life.” MON-SAT 6A-10A (& Sunday@5 host) verne@wbfj.fm