Millions of Americans will begin to prepare their 2020 taxes this winter. But 2020 was a year unlike any other financially, with the pandemic drastically changing the workforce. The U.S. saw record unemployment, business closures, and more full-time remote workers than ever before. We hope to answer some of the most prevalent questions surrounding these topics in a straight-forward and fact-based way. This series will feature a range of tax experts answering everything from how to handle periods of unemployment to what can and can’t be deducted.
What Happens If I Moved While Working Remotely?
Experts say taxpayers who relocated could owe money in several states
Can I Deduct COVID-19-Related Expenses?
Masks and hand sanitizers typically can’t be written off for most people.
Can I Deduct Work From Home Expenses?
President Trump's signature Tax Cuts and Jobs Act eliminated most work-from-home deductions, with little exception.
Will Unemployment Benefits Be Taxed?
Workers who didn't withhold taxes from their unemployment benefits could have a bigger tax bill than they would normally.
Will My Stimulus Be Taxed?
Stimulus checks aren't taxable, but tax experts say filers still should report it this year.