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DELAYED START TO FILING SEASON

1/15/2021

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This morning the IRS announced that it will begin accepting and processing 2020 tax year returns on February 12, 2021.  This is two weeks later than normal but the delay is required in order for the IRS to have time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

IRS processing centers remain closed or under-staffed due to COVID-19.  Returns filed manually may not be processed for a long time. To speed refunds during the pandemic, the IRS urges taxpayers to file their tax returns electronically whenever possible.  People can begin filing their tax returns immediately with tax software companies. These companies are starting to accept tax returns now and will transmit them to the IRS starting February 12.

Please contact Turner's Tax Service if you have any questions about this year's filing season dates.




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CAN YOU CLAIM A HOME OFFICE?

1/11/2021

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Hundreds of thousands of wage earners began working from home last March as the efforts to combat COVID-19 ramped up.  As those folks begin to prepare their 2020 income tax returns, they have begun to question whether they can claim the cost of a home office as a federal tax deduction.  The answer is no.

Prior to Tax Year 2019 and the passage of the Tax Cuts and Jobs Act (TCJA), wage earners who itemized deductions could claim various miscellaneous deductions, including a home office if one was required by their employer and the office was used solely and exclusively for business.  The TCJA eliminated the ability to claim all miscellaneous deductions, including a home office.

Some states, such as California, still allow wage earners to claim a home office required by their employer and used solely and exclusively for business.  The space doesn't have to be a separate room but it can't be a space used for other things.  Be sure to check with your tax preparer to see if your state allows a home office deduction and, if so, what requirements must be met in order to claim the deduction.  
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    Federal and state tax laws and regulations change regularly.  As we become aware of changes, we will post them here and, if you are a client who has provided us with an email address, we will also email them to you.

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