Did you get covid relief monies? Here is an article from the IRS on the potential taxability of these funds:
https://content.govdelivery.com/accounts/USIRS/bulletins/32f5e0b?reqfrom=share
PPP Loan Forgiveness
Having your PPP Loan forgiven can have a profound affect on your income taxes. Read what the IRS has to say on this matter here:
Inspiration
Above is a video of a Paralympian winning a gold medal in Backstroke. He has no arms. The words escape me as to how inspiring and amazing he is.
Unemployment Taxability Update
More information on Unemployment taxation federally if you filed before the rules were changed. If you filed previously and have unemployment that shouldn’t have been taxed please read this article about how the IRS will be handling this issue. Looks like it may take at least till the end of summer to get completed, I would expect Fall as a more realistic estimate with everything going on.#taxes #unemployment #knowyournumbers
Filing Deadline Extended
The writing was on the wall for this for some time now. A bit more time will help those with Unemployment income sort that bit out, and give the IRS time to finish up the forms and procedures around this taxation change. There will be a flurry of activity around filing original and amended returns with the recent changes so get with your tax preparer now. #taxes #knowyournumbers #Bookkeeping