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The IRS Shredded 30 MILLION Tax Documents, Information returns mostly. Find out what to do to make sure you don't fall victim to this event! Join us on Social media: https://twitter.com/DanielJPilla https://www.facebook.com/saltandlightbook/ https://www.facebook.com/TaxHelpOnlineOfficial/ https://steemit.com/@taxhelponline https://www.reddit.com/user/BeingSALTandLIGHT https://www.pinterest.com/taxhelponline/ Visit our Websites Https://Danpillabooks.com https://taxhelponline.com

Relief for Jobless Benefits President Biden is expected to sign the so-called American Rescue Plan tomorrow. The law represents yet another massive bailout, not just for individuals impacted by the COVID crisis, but for state and local governments, as well as union pension plans. Among the benefits for individuals is a provision to exempt a portion of unemployment benefits from taxation. What most people don’t know—and only find out the hard way—is that unemployment benefits are taxed as ordinary income. This means you owe tax on the benefits. While some states don’t tax unemployment comp, the federal government most certainly does. During 2020, and now into 2021, over 70 million people received both federal and state unemployment benefits into the hundreds of billions of dollars. That means tens of millions of Americans were poised to be blindsided by IRS bills. Some of that surprise will be mitigated by a provision of the new bail-out law. The law provides that up to $10,200 of jobless benefits are not taxed if one’s modified adjusted gross income is less than $150,000. The $150,000 cap is computed without considering unemployment comp. If your combined federal and state benefits exceed $10,200, you will owe tax on the overage based on your tax bracket. I recommend you calculate this as soon as possible to make payment arrangements if necessary.

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This is what to do if you didn't get your stimulus check. Look on your tax return for the "recovery rebate" box

Myth 1: Filing Extension Gets you more time to pay FACT: The FILING extension is different than a PAYMENT extension (See form 1127) Myth 2: If you WORK from home you can get a home office deduction FACT: This only applies to SMALL BUSINESS OWNERS, Employees working from home do not qualify Myth 3: If you don't recieve a W-2 or 1099, that income is not taxable FACT: IRS requires ALL EARNED INCOME to be reported Myth 4: Filing a Tax Return is VOLUNTARY FACT: IRS will call this a frivolous argument, and will prosecute this to the fullest extent of the law. Myth 5: Cryptocurrency isn't taxable FACT: Crypto is taxed on capital gains just like any other stock or capital asset. PART TWO COMING SOON https://www.taxhelponline.com/resources-and-publications/research-reports/tax-protestor-claims.html Join us on Social media: https://twitter.com/DanielJPilla https://www.facebook.com/saltandlightbook/ https://www.facebook.com/TaxHelpOnlineOfficial/ https://steemit.com/@taxhelponline https://www.reddit.com/user/BeingSALTandLIGHT https://www.pinterest.com/taxhelponline/ Visit our Websites Https://Danpillabooks.com https://taxhelponline.com

For over four decades, Daniel J. Pilla has been the nation’s leader in taxpayers’ rights defense and IRS abuse prevention and cure. Widely regarded as one of the country’s premiere experts in IRS procedures, he has helped countless thousands of citizens solve personal and business tax problems they thought might never be solved. Dan has seen every type of tax problem and believes "there is no such thing as a hopeless tax problem."