Greenville, S.C. (WSPA)- Elliott Davis in Greenville said the Coronavirus has impacted taxes for businesses and individuals and there are some key things to remember as you contact your tax pro to file or do so yourself.
Matthew Madden shareholder at Elliott Davis said for those who collected unemployment, it’s taxable income and it’s possible you may have to pay later if the state you collected from didn’t withhold what was needed.
Madden said to look for a 1099-G form in the mail to be able to bring to your tax pro.
Madden said his research shows there are more than 7 million returns that the IRS still has yet to process from last year and getting your returns filed early could help ease your mind and let you know what to expect.
He said if you received a stimulus check, that is not income you’ll be taxed on but remember if you’re filing on your own or with your tax pro there is a form you’ll need to fill out to make sure that money is accounted for.
If you didn’t receive a stimulus check and you feel like you should have, that form may help you receive the money in your deposit.
Madden said those who received $600 enhanced unemployment will owe taxes.
Be aware changes may also impact those working from home and paying taxes in two different jurisdictions, look for the deadline to pay deferred payroll taxes to be extended as well.
Charitable contributions as deductions are extended through 2021.
For more information on other changes, visit the IRS website.
To contact Elliott Davis for your tax needs visit them here.