The Impact of Stimulus Payments on Your Taxes
What a year 2020 has been! New Year’s celebrations were barely over when the coronavirus turned things topsy-turvy. But one bright spot for 159 million people was the $1,200 Economic Impact Payment that appeared in their mailbox or checking account. If you didn’t receive a payment, you may be wondering, why? And if you did, you may be wondering, what’s the catch? We are here to help put your mind at ease, so let’s tackle your questions, one by one.
Tax Tips for Unemployment Income If You’ve Been Laid Off or Furloughed
If you lost your job or were furloughed this year, your company may have paid you furlough or severance. If this is the case, you likely applied for unemployment benefits, once you could get through on the busy phone lines! And now, with tax time approaching, you may wonder if you owe taxes on the money you received, and if so, when and how you need to pay the tax.