Tax Issues for Individuals
Covid 19 has resulted in over 20 million people losing their jobs. As frustrating and stressful as this time can be, we still need to keep up with our taxes. No one wants to fight with the Internal Revenue Service (IRS).
The most important thing to know is that the tax deadline has been extended to July 15. There will be no penalties for this.
The $1200 stimulus payments have been going out and we’ll publish a separate post soon with more details about this, but for now, you should wait if you’ve paid taxes in 2018. If you didn’t pay taxes in 2018, we’ll have more info tomorrow.
Important to Know:
You are also entitled to paid sick leave now.
You can also borrow $100,000 from your IRA and pay it back with no tax consequences for three years.
If you are working from home, there may be new deductions you can get, though this is still unclear. We’ll keep you updated here.
If you have any questions about how Covid 19 has impacted your finances and taxes, give Comer Law a call at 727-729-2719.