2020 has been a year filled with tectonic changes for investors - from businesses that are impacted by the COVID-19 pandemic, to potential difficulties collecting rents from tenants whose income has dropped and/or become unsteady, to more than $3 trillion infused into the economy by the federal government.
To top all of this off, the FFCRA CARES Acts of 2020 made massive changes to the tax code - some of which are retroactive, and many of which are highly impactful to investors! We will go over the changes to the tax code and explain what changed, why it is relevant to investors, and how it can save you money in 2020 and beyond.
How IRA tax rules changed for 2020-2022
How depreciation rules changed in 2020
How the treatment of Net Operating Losses (NOLs) changed in 2020
Russell Barnett is an Enrolled Agent and Certified Tax Strategist in San Jose, CA. As CEO of Silicon Valley Tax Coach he enjoys working with investors and business owners to proactively reduce their tax burden while ensuring compliance with all tax laws. He has saved his clients more than $4.8 million in taxes over the past three years - and is just getting started!