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COVID Tax Tip 2021-46: IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation.

Tax deadline extended! Taxes now due on my Birthday!

IRS provides details on April 15 postponement The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.

Good news!

SBA defers EIDL payments until 2022 The SBA extended deferral periods for all disaster loans, including those made through the COVID-19 Economic Injury Disaster Loan (EIDL) program. With the deferral, small businesses that received a COVID-19 EIDL loan won’t have to make a first payment on the loan until next year.

States That Won’t Tax Your Retirement Distributions You may be able to stretch your budget by living in a state that does not tax some, or all, types of income drawn from retirement fund distributions.