How will your taxes affect after remote work, stimulus checks and all that has brought us in 2020?
by: Carolyn Sistrand
Posted: Jan 4, 2021 / 5:57 PM ESTUpdated: Jan 4, 2021 / 6:37 PM EST
BOARDMAN, Ohio (WKBN) – While you may be waiting for the second boom or hoping for a third, tax refunds may soon make you a little extra cash.
The latest stimulus payments have started to hit bank accounts, but when can you expect yours?
How will your taxes affect after remote work, stimulus checks and all that has brought us in 2020?
Kathleen Kalosky, the owner of the Sullivan Tax Service, said some people might see a little more money in their return.
“If you didn’t receive your stimulus check but were eligible, you will receive it with your 2020 tax return,” she said.
However, once you’ve received a stimulus check, the question that often arises is whether it is taxed.
Andy Reigstad, owner of Tax 29, said the stimulus checks are not taxable income.
“It doesn’t have to be repaid, but it’s something that is IRS bound,” he said.
But what about the many Americans who have been unemployed because of the pandemic?
“Unemployment is taxable on the IRS and yes, it is taxable on the state of Ohio,” Reigstad said.
If you work from home, you may not be able to write off these expenses.
“Unfortunately, most taxpayers won’t be able to write off anything if they work for a company and get a W-2. These deductions can no longer be used with the current tax law, ”said Reigstad.
Andrew Reigstad, the owner of Tax 29, said a refund that might be available to remote workers will be through local taxes.
“Maybe they were in Youngstown or Canfield or some other town that had a municipal income tax and now they work from home, and maybe they live in Boardman or Austintown where there is no local tax. They may be able to get a refund for the local taxes that will be deducted from their paycheck if their payroll hasn’t already set it up, ”Reigstad said.
People can start filing their taxes now. Kalosky doesn’t expect any problems.
“I don’t think there will be any problems with the forms coming out. I don’t foresee any major problems other than being in contact when you come to your tax office, ”said Kalosky.
The registration deadline is April 15th.
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