Timing always plays an important role in year-end tax planning and 2020 is no different. However, with the unusual year that 2020 turned out to be, with the COVID-19 crisis, business shut-downs and high unemployment, the timing of reporting your income and deductions...
If you are one of the 30 million+ Americans who have lost their job due to the coronavirus pandemic and have collected unemployment benefits, be prepared to owe taxes. NYS unemployment benefits as well as the $600 per week federal supplement provided by the CARES Act...
The latest financial change due to pandemic is the Payroll Tax Deferral, whereby employers can opt not to withhold the Social Security tax (Medicare must be continued to be withheld) on employees whose annualized salary does not exceed $104,000 ($2,000 per week)....
