7 CARES Act Tax Breaks for Businesses

No matter what business you're in, there's probably at least one CARES Act tax breaks that can improve your bottom line and help you stay afloat.

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While stimulus checks, small business loans and expanded unemployment benefits have gotten the lion's share of media coverage, there are also a number of important business tax breaks in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that haven't received a lot of attention. Most of the new tax breaks are only temporary. Several of them tweak or reverse changes made by the 2017 tax reform law. All are designed to get coronavirus-ravaged businesses and workers back on their feet as quickly as possible. No matter what business you're in, at least one of these seven tax breaks is likely to improve your bottom line and help you stay afloat.

(For information on new business tax credits for providing paid sick and family leave benefits, which were enacted as part of the Families First Coronavirus Response Act, see Tax Credits Included in Coronavirus Paid Leave Law.)

Joy Taylor
Editor, The Kiplinger Tax Letter

Joy is an experienced CPA and tax attorney with an L.L.M. in Taxation from New York University School of Law. After many years working for big law and accounting firms, Joy saw the light and now puts her education, legal experience and in-depth knowledge of federal tax law to use writing for Kiplinger. She writes and edits The Kiplinger Tax Letter and contributes federal tax and retirement stories to kiplinger.com and Kiplinger’s Retirement Report. Her articles have been picked up by the Washington Post and other media outlets. Joy has also appeared as a tax expert in newspapers, on television and on radio discussing federal tax developments.