When the Trump administration pushed this year’s income-tax deadline from April 15 to July 15, it intended to give taxpayers some peace of mind and extra cash flow amid the coronavirus outbreak.
“ People can reduce their 2019 tax liability by contributing to their individual retirement account . ” People can reduce their 2019 tax liability by contributing to their individual retirement account . The maximum contribution amount is $6,000, or $7,000 for those 50 and above.
The money sent to an IRA and an HSA are both “above the line” deductions, so filers can take the deduction on top of either their standard deduction or their itemized deduction.How coronavirus-related bills relate to your taxes The tax filing deadline was postponed roughly one week, but that was before federal lawmakers passed the $2.2 trillion stimulus bill, known as the Coronavirus Aid, Relief, and Economic Security Act.
One small break for individual filers is a $300 “above the line deduction” for charitable contributions. Though filers typically can only write off donations if they itemize, this CARES Act provision lets them write off the donation without itemizing. The write-off applies for next tax season, however.
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