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Author Topic: Coronavirus Stimulus Aid Package  (Read 61798 times)

Offline Dan

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Re: Coronavirus Stimulus Aid Package
« Reply #570 on: December 21, 2020, 04:48:21 PM »
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Online AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #571 on: December 21, 2020, 04:57:58 PM »
Quote from: Mordyk on December 21, 2020, 04:47:28 PM
I'm so happy to hear this!! I always feel bad for one of the biggest victims of covid, the restaurants :(

Not sure even this will be enough to save some of them.
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Offline Dan

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Re: Coronavirus Stimulus Aid Package
« Reply #572 on: December 21, 2020, 04:58:13 PM »
Quote from: aygart on December 21, 2020, 04:04:01 PM
Yay on the tax deductibility!
Does the bill require showing losses in 2020 compared to previous years?
Are there limits?
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Offline bubkiz

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Re: Coronavirus Stimulus Aid Package
« Reply #573 on: December 21, 2020, 04:59:10 PM »
EITC 2019 Lookback Q:
Any changes to disqualifying income (dividends, interest, capital gains) limits? Can the 2019 amount be used?
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Offline Deal Guy

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Re: Coronavirus Stimulus Aid Package
« Reply #574 on: December 21, 2020, 05:02:15 PM »
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Offline avromie7

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Re: Coronavirus Stimulus Aid Package
« Reply #575 on: December 21, 2020, 05:04:25 PM »
Quote from: Dan on December 21, 2020, 04:48:21 PM
Can y'all check my work for errors/omissions?

https://www.dansdeals.com/more/coronavirus/coronavirus-stimulus-benefits-house-senate-now-voting/
Quote
Earned Income Tax Credits and Child Tax Credits will allow you to use your choice of 2019 or 2020 earned income for qualification on your 2020 tax return., though you will need to include unemployment income if calculating your 2020 AGI.
IIUC, you are required to use your 2020 AGI. This paragraph makes it sound like you have a choice.
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Offline avromie7

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Re: Coronavirus Stimulus Aid Package
« Reply #576 on: December 21, 2020, 05:05:59 PM »
Quote from: Dan on December 21, 2020, 04:48:21 PM
Can y'all check my work for errors/omissions?

https://www.dansdeals.com/more/coronavirus/coronavirus-stimulus-benefits-house-senate-now-voting/
$1.3 billion in federal student loan forgiveness for historically Black colleges.
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Offline Dan

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Re: Coronavirus Stimulus Aid Package
« Reply #577 on: December 21, 2020, 05:11:22 PM »
Quote from: Deal Guy on December 21, 2020, 05:02:15 PM
Meals 100% deduction is for 2021 and 2022 :)
Quote from: avromie7 on December 21, 2020, 05:04:25 PM
IIUC, you are required to use your 2020 AGI. This paragraph makes it sound like you have a choice.
Quote from: avromie7 on December 21, 2020, 05:05:59 PM
$1.3 billion in federal student loan forgiveness for historically Black colleges.
Fixed, what else :)
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Offline points 99

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Re: Coronavirus Stimulus Aid Package
« Reply #578 on: December 21, 2020, 05:15:57 PM »
Quote from: Dan on December 21, 2020, 05:11:22 PM
Fixed, what else :)
u gotta update your profile status UA DL
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Offline Deal Guy

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Re: Coronavirus Stimulus Aid Package
« Reply #579 on: December 21, 2020, 05:22:42 PM »
Quote from: Dan on December 21, 2020, 04:48:21 PM
Can y'all check my work for errors/omissions?

https://www.dansdeals.com/more/coronavirus/coronavirus-stimulus-benefits-house-senate-now-voting/
If you have a c- section scheduled for Jan 2nd, you may want to consider moving it up to December 31st for $1100.
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Offline points 99

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Re: Coronavirus Stimulus Aid Package
« Reply #580 on: December 21, 2020, 05:24:45 PM »
Quote from: Deal Guy on December 21, 2020, 05:22:42 PM
If you have a c- section scheduled for Jan 2nd, you may want to consider moving it up to December 31st for $1100.
No kidding, I know someone who paid the doctor extra to do it on a Sunday, because he wanted a Sunday bris...
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Offline yelped

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Re: Coronavirus Stimulus Aid Package
« Reply #581 on: December 21, 2020, 05:26:51 PM »
That *it* will do.
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Online cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #582 on: December 21, 2020, 05:30:37 PM »
Quote from: Dan on December 21, 2020, 04:58:13 PM
Does the bill require showing losses in 2020 compared to previous years?
Are there limits?
To be eligible for a second round of PPP, business must show a 25% gross revenue deduction for one quarter in 2020, as compared to the same quarter in 2019.
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Offline Dan

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Re: Coronavirus Stimulus Aid Package
« Reply #583 on: December 21, 2020, 05:31:50 PM »
Quote from: cgr on December 21, 2020, 05:30:37 PM
To be eligible for a second round of PPP, business must show a 25% gross revenue deduction for one quarter in 2020, as compared to the same quarter in 2019.
I mean for deductibility of expenses paid for with PPP funds.
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Online yitzgar

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Re: Coronavirus Stimulus Aid Package
« Reply #584 on: December 21, 2020, 05:31:50 PM »
Quote from: Deal Guy on December 21, 2020, 05:22:42 PM
If you have a c- section scheduled for Jan 2nd, you may want to consider moving it up to December 31st for $1100.
Not to mention child tax credit
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