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.
Should I File For an Extension?
Experts say it's only a good idea in certain circumstances.
How Likely Am I To Be Audited?
Experts say the IRS knows to look for certain criteria in filings that feel suspicious.
Can I File My Taxes For Free?
A small percentage of taxpayers qualify for the IRS Free File program.
What Does The Filing Extension Mean For Taxpayers?
The deadline is extended for the second year in a row, with some conditions.
How Are Taxes Different This Year?
There's been a variety of changes affecting everything from retirement savings to charity donations.
Could New Parents Get Extra Stimulus?
A tax credit is available to help families who never received stimulus money for new dependents.
Can Small Businesses Deduct Expenses Paid With PPP?
The Payment Protection Program gave out hundreds of billions to small businesses across the country.
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.