1. 100% of Adjusted Gross Income can be deducted for charitable contributions for both 2020 and 2021, if requirements are satisfied.
  2. As a result of the above, IRA owners over 59½ can transfer unlimited amounts to charities.
  3. $300 ($600 for married couple) charitable deduction for non-itemizers.
  4. Business meals and beverages will now be 100% tax-deductible if provided by restaurants for 2021 and 2022 tax year.
  5. Medical expenses exceeding 7.5% of Adjusted Gross Income will be deductible. 6. Educator expense deduction (up to $250) includes expenses incurred for purchase of personal protection equipment.
  6. No repayment required for stimulus check received that exceeds credit amount on 2020 tax return.
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