Tax Day Is Upon Us
After a month-long delay, tax day is Monday.
The deadline was extended this year because of the dozens of pandemic-related changes that may impact taxpayers’ bottom lines — from unemployment benefits to working-from-home deductions to stimulus payments.
Those who collected unemployment benefits in the before-times may have faced a surprise tax bill this spring. But Congress addressed the issue by excluding the first $10,200 in unemployment benefits from federal taxes. However, you still must pay state taxes on that income.
And while freelancers and contractors have long been able to write off certain work-from-home expenses, those who collect a W-2 are not eligible for such deductions.