UNEMPLOYMENT- If you had unemployment income in 2020, you will want to hold on filing your 2020 tax return until this latest stimulus bill is passed, becomes law, and IRS updates the 2020 tax forms. The Senate passed their version of stimulus last Saturday and it excludes $10.2K of unemployment income from being taxable to Federal for the 2020 tax year. This is not law yet, but may become law by end of this week once the House votes to approve and President signs the bill. No point in filing a personal 2020 return now with unemployment income to have to amend it in a couple weeks to back off up to $10.2K of unemployment.
Subjects
- CA PPP Loan Forgiveness Rules Passed General Assembly by Mike Noon
- CA Set to Vote on AB 80 & PPP CA Nontaxable up to $150K by Mike Noon
- COVID Relief passed by Congress March 10, 2021 by Mike Noon
- 2020 Unemployment Income up to $10,200 Possibly Nontaxable by Mike Noon
- PPP Loan Application Open Today by Mike Noon
- 3 Martini Lunch by Mike Noon
- PPP Loan Expenses Appear to be Now Deductible by Mike Noon
- PPP Loan Forgiveness and Adding Covered Expenses Back to Income by Mike Noon
- California Creates $100 Million Hiring Tax Credit for Small Businesses by Mike Noon
- IRS New Form 1099-NEC for Non-Employee Compensation by Mike Noon
- Unemployment Fully Taxable for Federal by Mike Noon
- Employee Social Security 6.2% Tax Deferral 9/1/20 to 12/31/20 UPDATE by Sandra O’Connor
- Employee Payroll Tax Deferral 9/1/2020 to 12/31/2020 by Mike Noon