Liberty Tax

It's about time, time to get ready because the tax season is upon us. January 2 is closing in, so don’t be late in scheduling your appointment, remember that this filing season is gonna be more complicated for many Americans due to the many challenges and struggles the pandemic has brought upon us, so let us assist you and make this experience a smoother one. The following are some specific scenarios brought by the pandemic, good and bad, but important to take note nonethel...ess, here are 2 tips to take into account, for more be sure to check our future posts. 1. UNEMPLOYMENT: Unemployment benefits are taxable income, which tax experts say may surprise some filers. Workers are not required to have federal taxes withheld from their benefit payments. While people have the option to have the tax withheld, many do not. 2. RELIEF CHECKS: As part of the CARES Act, a relief package passed early in the pandemic, millions of Americans were given payments of $1,200 per adult and $500 per child. At last count, the IRS said 160 million payments totaling about $270 billion have been delivered by direct deposit, paper check, or prepaid debit card. That money is NOT TAXABLE.

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