Idahoans With COVID Could Save $12,000 On Taxes
We have all been living through a ridiculous year and from what we have seen of 2021 so far, the end is still quite a bit away. Vaccines are rolling out yet COVID continues to spread. Scientists continue to research new variants of the virus while economies, businesses, families and individuals continue to struggle. Everyone is going through it right now; mentally, emotionally, and financially.
Yesterday I shared with you that today, Friday March 12th is actually the first day of the tax filing season. Have you started compiling your documents yet? While the deadline for your tax filings isn't until April, make sure you're giving yourself plenty of time to nail down what it is you have to file, what you can write-off, and what you are eligible for.
For this first time this year, I didn't do my own taxes and I was forever grateful. I drafted up what my taxes for 2020 would like like once I had all of my own documents in hand and had I not decided to go to a professional, I would be in a lot worse shape than I am.
Did you know that Idahoan's actually have an opportunity for federal tax relief due to COVID? Yes, the relief didn't stop at stimulus checks.
If you found yourself unable to work in 2020 due to the coronavirus--be it YOUR health or because you had to care for a sick family member, you're entitled to some significant tax credits.
The Internal Revenue Service states that this credit:
"allows eligible self-employed individuals who, due to COVID-19 are unable to work or telework for reasons relating to their own health or to care for a family member, to claim refundable tax credits to offset their federal income tax."
You can learn more about the form you will need for this, HERE.
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