Episode 14: Consolidated Appropriations Act of 2021

Consolidated Appropriations Act of 2021 and What it Means for YouKarl and Nathan Merrill, attorney at Goodspeed and Merrill, discuss the most recent HUGE tax reform passed through Congress at the end of 2020. Many people know about the $600 sent to families. But we discuss other details that may not have made the news. Some of the highlights include:Business expenses paid with PPP loan are deductible : For business owners who used their PPP loan properly, the loan is not taxable. This had been in doubt until this act passed. There are also four new types of expenses that qualify.PPP loan part 2 : Business owners who have a downturn in revenues may be able to apply for a second loan.PPS loan simplified forgiveness : If the loan was less than $150,000, a one-page simplified forgiveness document is all that is necessary now.$600 charitable deduction instead of $300. Married people who do not itemize their tax returns may claim $300 each for their charitable deductions. In 2020, it was only $300.Medical expenses above 7.5% of adjusted gross income (AGI) are now deductible, for all future years.Lifetime learning credit instead of a deduction : Going forward, tuition and related expenses will no longer be tax-deductible. However, the lifetime learning credit helps people with higher incomes, up to $180,000 income for a married couple.Securities provided through Geneos Wealth Management, member FINRA, SIPC. Investment advisory services provided by A&I Financial Services LLC. Expert Network team provides free consultations. Just mention that you listened to the podcast. Nathan Merrill, attorneyWorking with affluent families and entrepreneurs in implementing tax-efficient strategies and wealth preservationGoodspeed, Merrill(720) [email protected] Smith, attorneyHelping affluent families build their legacy through complex estate planningGoodspeed Merrill(720) [email protected]  Karl FrankFinancial planner helping a small number of successful families grow and protect their wealthCERTIFIED FINANCIAL PLANNER™A&I Wealth Management(303) [email protected], Podcasts, Streaming Video, Streaming AudioA&I webcasts, podcasts, streaming video, or streaming audios are provided free of charge solely for use by individuals for personal, noncommercial uses, and may be downloaded for such uses only, provided that the content is not edited or modified in any way and provided that all copyright and other notices are not erased or deleted.All webcasts, podcasts, streaming video, or streaming audios are subject to and protected by U.S. and international copyright laws and may not be sold, edited, modified, used to create new works, redistributed or used for the purpose of promoting, advertising, endorsing or implying a connection with A&I.A&I reserves the right, at any time and for any reason, to stop offering webcasts, podcasts, streaming video, or streaming audios and to stop access to or use of webcasts, podcasts, streaming video, or streaming audio and any content contained therein A&I shall not be liable for any loss or damage suffered as a result of, or connected with, the downloading or use of the webcasts, podcasts, streaming video, or streaming audios.A&I Wealth Management is a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the presenter on the date of the podcast and are subject to change. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed. You should consult with a professional adviser before implementing any of the strategies discussed. Any legal or tax information provided in this podcast is general in nature. Always consult an attorney or tax professional regarding your specific legal or tax situation.