2020 Tax Filing Alert!
Due to the Coronavirus, many tax preparation services are experimenting with a concept called “drop off”. For you, this could mean multiple drives to and from their office, a reduction in appointment slots due to less capacity, lost documents, longer preparation time and increased fees. At PTS, we are all about safety and convenience, so there is never an office visit. And we pride ourselves on accurate and affordable tax preparation you can rely on. Call us today and avoid the “drop off” experience.
PTS Covid-19 Procedures
At PTS we are most concerned for the health and safety of our clients and colleagues. As such we follow the latest guidelines by:
- wearing a mask at all times
- maintaining proper distancing
- washing and sanitizing our hands
- wearing gloves as appropriate
Wear a mask
We are able to work with you in many venues, such as:
- In Person
- TaxesToGo app
- Phone conference
Covid-19 Resource Center
Please visit the following links to get latest updates on Coronavirus/Covid-19
Opening Up America Again:
Centers for Disease Control and Prevention
Covid-19 Tax Updates:
Will I owe the IRS tax on my stimulus payment?
The short answer: No. In the somewhat longer words of the IRS: “No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s refund or increase the amount they owe when they file their 2020 tax return next year. https://www.aarp.org/money/taxes/info-2020/are-stimulus-checks-taxed.html
Will I have to pay taxes on unemployment stimulus?
Unemployment benefits are generally not tax free (unlike the stimulus checks also approved under the CARES Act). Any money you receive from the federal or state government unemployment fund is included in your gross income and taxed at your ordinary income rate.
Does unemployment count as income towards social security?
IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law