2020 Income Taxes Are More Complex
Posted by Dustin Horton // December 21, 2020 // Local Business
Just when you thought you could say goodbye to 2020 and the life changes that the pandemic wrought on us, you will still have to deal with the tax impact of the governmental stimulus programs hastily created to alleviate the loss of income when the economy was partially shutdown.
Here is what may have to be dealt with: reconciliation of the Economic Impact Payment received in 2020 on your income tax return—it was an advance on a tax credit in the 2020 tax return; Unemployment benefits, especially if little to no income taxes were withheld; Payroll Protection Program loans—if forgiven, how will it impact the deductibility of expenses paid with the loan proceeds; payroll tax deferrals, etc.
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Every businessperson should consult with their tax advisor as you provide your tax documents for preparation of your 2020 income tax return. Everyone else may want to choose having a tax professional prepare their 2020 taxes, if they regularly do it themselves.
While there is light at the end of the long pandemic tunnel we are experiencing, given that COVID-19 vaccines are becoming available, the upcoming tax season will have to commence under pandemic protocols nonetheless.
There is no need to come to our offices. You can have your tax consultation with Equus Advisors and your income tax return prepared in a remote environment.
We use a secure application called Liscio to message, send and respond to tasks, share files of tax source documents and the completed tax return, and launch a video call through Zoom right to your smartphone or laptop or other device. Our clients love using it and so do we!
Go ahead and check out our website at https://www.EquusCPA.com and fill out the Get In Touch form if you would like to discuss working with our firm.
Please stay safe during this holiday season and beyond!
Peter VanderWoude, MS, CPA, CGMA
EQUUS ADVISORS
Accounting and Tax Professionals
www.EquusCPA.com
607-756-5691
