Highlights of the 2020 Cares Act

The 2020 Economic Relief Act for Individuals and Businesses act has a variety of important points of information, including details about rebates, tax breaks, unemployment information and more. I hope you find this summary of the 2020 CARES Act helpful!

The first point of discussion is the government’s Cash Rebates.

CASH REBATES

• $1,200 per Individual plus $500 per qualifying Child.  
• Phase-out of the rebates begins at $75,000 for Individuals ($150,000 for Joint Returns).  
• The rebate is considered an advance tax refund against 2020 income taxes.
• Rebate amounts are based upon the Adjusted Gross Income (AGI) reported on the most recent tax return filed (2019 or 2018).

See below for all of the important details of the 2020 Cares Act.