2020 Popular Tax Questions

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Every tax filing season comes with its own set of challenges and questions, but because of Covid regulations, stimulus checks, and two hurricanes that categorized many communities along the Gulf Coast as disaster zones, we’re getting more questions than usual! Here are some of our most frequently asked questions and the answers we’re sharing.  If you have a question but you don’t see it here, click the button below to submit it.

Do I need to report my Stimulus Payments?

YES!

The stimulus payments were a CREDIT, so if you did not receive them, we need to know so you can get a bigger refund
How Much Should I Get?

Will I pay taxes on the Stimulus Payments?

Nope!!

These payments are not included in 2020 income
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What if I didn't get a Stimulus Payment?

Let us know!

Either you were above the thresholds OR you're getting a bigger refund.
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Can I deduct the cost to repair damages from Hurricane Sally/Zeta?

You can - it's a little tricky.

The amount you can deduct depends on whether your costs are for FULL or partial repairs.
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Will I Pay Taxes on Unemployment Pay

Yes.

You have to elect to have federal taxes taken out of unemployment pay - if you didn't - you may owe money.
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