CPA, Accountant, Book keeper, Morris County, Roxbury
Sarinelli & Associates
Sarinelli & Associates

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Sarinelli & Associates CPA
Sarinelli & Associates CPA

Reception Sarinelli & Associates

Sarinelli & Associates
Sarinelli & Associates

165 Route 10 Succasunna, NJ 07876 Sarinelli & Associates

Sarinelli & Associates
Sarinelli & Associates

Conference Room Sarinelli & Associates

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Morris County's CPA's, Accountants, Tax Planning & Consulting Experts

Individuals

Unemployment Benefits

  • The act makes the first $10,200 in unemployment benefits tax-free in 2020 for taxpayers making less than $150,000 per year.

 

Recovery Rebates

  • The act creates a new round of economic impact payments to be sent to qualifying individuals. The same as last year’s two rounds of stimulus payments, the economic impact payments are set up as advance payments of a recovery rebate credit. The act creates a new Sec. 6428B that provides individuals with a $1,400 recovery rebate credit ($2,800 for married taxpayers filing jointly) plus $1,400 for each dependent (as defined in Sec. 152) for 2021, including college students and qualifying relatives who are claimed as dependents. As with last year’s economic impact payments, the IRS will send out the advance payments of the credit.

  • For single taxpayers, the credit and corresponding payment will begin to phase out at an adjusted gross income (AGI) of $75,000, and the credit will be completely phased out for single taxpayers with an AGI over $80,000. For married taxpayers who file jointly, the phaseout will begin at an AGI of $150,000 and end at AGI of $160,000. And for heads of household, the phaseout will begin at an AGI of $112,500 and be complete at AGI of $120,000.

  • The act uses 2019 AGI to determine eligibility unless the taxpayer has already filed a 2020 return.

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Source: Journal of Accountancy

Please note this is based on information that is currently available and subject to change without notice. Please contact a representative from Sarinelli & Associates with any questions.

SBA Loan Options

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Sarinelli & Associates provides many services to clients of all sizes and lines of Business, Industry and Market Environments. We acquire a thorough understanding of your business to ensure that we can provide you with specific and relevant solutions.

Along with our team of highly trained professionals we have been helping Individuals and Businesses with their service needs for over 25 years, Now Let Us Help You

Our Team

Our reputation for excellence and dedication to our clients has earned us the respect & business of the most demanding clients. We stand by our work and, more importantly, by you. At Sarinelli & Associates, you are not just another client, you are our future.

 

Testimonials

Excellent service and very professional. The staff is very knowledgeable. I would highly recommend this firm.

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