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