H&L Consulting Services Inc.

Tip: IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May. https://go.usa.gov/xHrxZ #IRSTAX

Taxpayer Alert....

Taxable Income: Unemployment income Unless specifically excluded by the federal and state government, unemployment income is taxable. Many taxpayers become surprised by an unwanted tax bill if Federal and State withholdings are not taken out of these payments.

The IRS has a new tool, you may find extremely helpful. This tool is available at irs.gov/payments/view-your-tax-account

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.