Important information about the new Stimulus Act
Important information about the new Stimulus Act Written by Joseph Adami, CPA Important information you should know about the new Stimulus Act: 1. A new round of PPP loans. An existing loan can be increased. 2. EXPENSES PAID WITH FORGIVEN LOANS ARE DEDUCTIBLE. 3. 100% of business meals deductible in 2021 and 2022. 4. Medical expense exclusion made permanent at 7.5% of AGI. 5. Stimulus payments are half of the first act. Income thresholds are the same as the first set, but phase out at a lower level: (87,000 for single, and 174,000 for married). 6. Overpayments do not hav...
Source: hamlethub.com