4 ways COVID-19 may impact your taxes
Chief Tax Information Officer Mark Steber discusses the impact COVID-19 has had on the employment status of millions of taxpayers and the ways it may impact their tax returns.
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Whether you're a small business owner, a freelancer, or a full-time employee, there's a lot you need to know about how your professional status affects your tax situation.
Chief Tax Information Officer Mark Steber discusses the impact COVID-19 has had on the employment status of millions of taxpayers and the ways it may impact their tax returns.
Traditionally, freelancers and gig workers have been unable to claim unemployment benefits. Independent contractors and their clients don't pay into state unemployment funds by default. However, with the unprecedented situation that the COVID-19 pandemic created, self-employed workers who otherwise wouldn't normally qualify for unemployment were eligible for payments.
In late December 2020, Congress passed the Omnibus Spending Bill which included the COVID Tax Reform Act of 2020 (COVIDTRA 2020). It’s an extension to the CARES Act designed to provide additional help to protect businesses and individuals from the economic effects of the Coronavirus.
Employment types for credits and deductions
Are you self-employed? Here’s how to know what you might be able to deduct from your income and how your status as a self-employed worker affects your tax return.
Did you know that being a member of the military can involve a slew of tax breaks?
If you are currently serving in the US Armed Forces – the Army, Navy, Air Force, Marines, Coast Guard, and any active reserve unit – you are allowed special tax considerations for certain items and situations.
How does unemployment affect my taxes in 2021? If you’ve received unemployment benefits, they are generally taxable. Most states do not withhold taxes from unemployment benefits voluntarily, but you can request they withhold taxes at your request.
Job Related Credits and Deductions
How does tax reform affect unreimbursed Employee Business Expense deductions? Employment-related job expenses are not tax-deductible anymore, meaning workers who spend money for their jobs can't claim them as a tax deduction to get a bigger refund.
Your profession can affect the deductions you're entitled to claim on your taxes. Find out how tax reform changed the most popular deductions by profession, and find out which ones still apply to you.
More people are freelancing than ever before. With the rapid growth of remote work and the gig economy, there’s a good chance you’ll work as a full-time or part-time freelancer in your lifetime.
Major Life Changes
Did you do additional work as a freelancer or independent contractor? If you work as a freelancer, independent contractor, for cash, or in a side gig you are considered self-employed and include a Schedule C, Sole Proprietor, on your tax return.
Tax reform has suspended the deduction for job hunting, moving to a new location for a job, and all job related expenses on your federal return. However, many states are not complying with all the federal changes and still allow some, or all, of your job-related expenses.
Did you lose your job this year? Tax reform has eliminated deductions for a lost job – find out how you’ve been affected.
Due to tax reform, you can no longer claim these expenses as an employee. However, you can claim the expenses if you are self-employed.
Under tax reform, the moving expenses deduction has been suspended until 2026. Find out how you’re affected.
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