COVID Makes For Complex Tax Season
SALT LAKE CITY, Utah – The IRS will begin processing tax returns Friday.
There’s no doubt that 2020 was a year unlike anything you’ve ever with, and making sure you’re square with Uncle Sam when it comes to taxes is not going to be an easy task.
Mark Steber with Jackson Hewitt Tax Service said the pandemic will make tax season particularly complex due to stimulus payments, tax law changes, unemployment, reduced hours, working from home, and more.
It might be more important this year than ever before to check and double check your benefits and deductions. It’s not just because you want to make sure you’re paying enough.
Steber said the IRS doesn’t really care if you skip a credit that’s coming to you, so make sure you’re not overpaying
Keep an eye out for three specific things this year when filing.
Unemployment benefits are taxable, and those taxes aren’t automatically withheld. You have to opt-in to have them taken out.
If you’re self employed, make sure you properly chart your income, your deductions and your benefits
What about those economic impact stimulus checks? Yes, those have to be accounted for as well.
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