There is a new BILL being introduced right now that is deceptively aimed at the heart of the everyday worker affected by COVID-19[20-21-22-23 blah blah..just my exasperation with the everchanging and mutating seemingly never-ending virus 😞 ]. This BILL specifically draws attention to the fact that MANY Americans relied upon Unemployment in various states these past 11 months in order to survive. In doing so...many of them were not prepared for the consequences!
What consequences you ask?? HMMM..how about the fact that UNEMPLOYMENT IS TAXABLE! Many people chose not to have taxes taken out of their stipends each week. Many could not afford too, but others simply chose not to..thinking that it was free money and that they would "deal with it later"...well later has arrived! I cannot tell you how many people we have seen with looks of surprise and exasperation on their face as they now have to pay in or their returns are drastically reduced!
The BILL being introduced would waive the first $10,200 of Unemployment received by individuals that were paid a stipend. Where does that number come from? Yeah I get it..it is an odd number. They took $600 a week for 17 weeks. They used the $600 because that was the original additional amount that persons on unemployment received. The amount they were given in addition to the normal benefit..but let's face it..there was NOTHING normal about Unemployment last year.
Do you think this bill will gain any traction? Good Question~~~
Is there any way to maneuver around this you ask, dear reader? Well the answer to that question lies in a 20 minute conversation with you and your tax preparer! Do you have a trusted tax preparer to help you? Do you get the answers you need from the person with whom you normally deal? Are you afraid to even ask?
Well, NEVER FEAR AUTHORITY ACCOUNTING
IS HERE! Schedule a 10 to 20 minute conversation virtually or in person with one of our preparers and allow us to guide you this Tax Season. We are here to help answer questions and provide an extra resource! Click on Book Now! (or call 866-495-9606). Home of the $75 Tax Return
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