Tax Implications During the Pandemic

It’s that time of year again: Tax filing time. As with every other aspect of life, the pandemic influence can be felt on the process of filing taxes. With so many professionals working from home full-time, there are additional issues to address. Questions such as:

  • Are any of your at-home work expenses tax deductible?
  • How do stimulus checks impact my filing?
  • What are the rules for common business deductions?
  • What else do you need to be aware of as a result of Covid-19 and how it impacts my tax filing?

The IRS has some great resources available and here’s where to find them.

Be tax ready: Understand how life changes may affect the 2020 tax return filed this year:
This is a great article with resources on how life changes in 2020 may affect how you file your tax return

Topics in the News:
This section provides links to important announcements that could affect filing and has the alert for the new filing date which is May 17, 2021.

Deducting Business Expenses:
A detailed resource which provides information on what can be deducted as a business expense

Emergency Aid Granted to Students:
If you have a college student who received a portion of the recent Covid-19 relief aid, here’s what they need to know about filing.

Current Tax Tips:
Need your previous tax return? Did you employer defer taxes? Not sure the status of your refund? This section provides links to all those answers.

Tax Scams/Consumer Alerts:
Great resource to help you stay on your guard to keep your information safe

There’s also an informative article from MarketWatch that specifically addresses the question “Can you claim the home office tax deduction if you’ve been working remotely? Here’s who qualifies.

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