By Philip “Rusty” Ross, Senior Wealth Advisor
Last year was unlike any other when nearly all facets of our lives were turned upside down. Taxes are no exception.
Whether it be COVID-19 relief legislation or remote work, filing your returns for the 2020 tax year could be more challenging than normal. And with the tax deadline right around the corner, we wanted to unpack the key items and changes filers should be aware of this year.
As always, there are several things to keep in mind when filing your taxes. This year, however, filing your return could look different due to the coronavirus pandemic. If you have questions or last-minute changes, please contact your Exencial advisor or visit www.irs.gov.
1. IRS (3/17/21) – Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline
2. IRS (data as of 3/19/21) – Tax relief in disaster situations
3. CNBC Select (3/15/21) – You may receive a tax waiver on up to $10,200 of unemployment benefits – here’s how
4. Investopedia (7/31/21) – Advanced premium tax credit definition
5. IRS (5/12/20) – What people really want to know about Economic Impact Payments
6. CNBC.com (11/24/20) – The CARES Act added a new $300 charitable contribution deduction for 2020. Here’s what you should know
7. IRS (1/6/21) – Virtual currencies
8. IRS (3/1/20) – COVID-19-related employee retention credits: Interaction with other credit and relief provisions FAQs
9. Bloomberg Tax (2/18/21) – How the expanded employee retention credit will save small businesses
10. IRS (2/18/21) – IRS statement about CP59 notices
11. Real Simple (2/7/21) – Did you work from a different state for all or most of the pandemic this year? Here’s how your taxes might be affected
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