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Home BIZ

Know Your Pandemic Tax Credits, Liabilities

February 5, 2021
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by Brenda Hershkowitz, EA, Premiere Tax & Accounting Services
As a result of the CARES Act, the IRS issued two economic impact payments in 2020 as part of the economic stimulus efforts. The point was to try and stimulate our economy. These payments are not taxable income.
The first economic impact payments were up to $1,200 per person and $500 per qualifying child. The second payments were up to $600 per eligible individual and $600 per qualifying child. If you were an eligible taxpayer and did not receive the full amount you should have, you will be able to claim the Recovery Rebate Credit when you file your 2020 tax return.
Taxpayers will not owe tax on the economic impact payments because they are in the form of a tax credit. Tax credits reduce your tax liability. 
The IRS issued these refundable tax credits in the form of the economic impact (or stimulus) payments to get them to the public sooner rather than waiting for everyone to file their 2020 tax returns.
However, on a side note, unemployment benefits are taxable.
Due to the shutdown of many businesses as a result of COVID-19, many people had to file for unemployment benefits. These benefits are income. Many people chose not to have taxes withheld from their unemployment benefits and may be facing a tax bill when they file this year.
As for those who withdrew money from retirement accounts — allowed under the CARES Act — they will not be penalized for early withdrawal for pandemic-related distributions. However, funds pulled from a tax-deferred account, 401K, or traditional IRA, will be subject to income tax on the withdrawals. 

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Come & enjoy the local scene in Prescott Arizona!

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Prescott Living Magazine
18 hours ago
Prescott Living Magazine

Did you know that the 'Tis Art Center and Gallery offers the STEPS Art Education Program for Children? The classes take place in the 'Tis Annex Art Education Building, located at 235 N. Marina St. in Prescott. There are summer programs coming up in June, July, and August. The classes are free and include tuition and art supplies, with class size limited to 8 students. Please visit the 'Tis website for class details.
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STEPS Art Education Program for Children | 'Tis Art Center & Gallery

www.tisartgallery.com

STEPS Art Education Program for Children in the ‘Tis Annex Building 235 N. Marina St. Prescott, AZ 86301 ‘Tis Annex Art Education Building 235 N. Marina FREE art education classes taught by profes...
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Prescott Living Magazine
2 days ago
Prescott Living Magazine

If you love art then downtown Prescott is the place to be today! The Phippen Museum's 49th Annual Western Art Show & Sale is on today from 9-3 at the Courthouse Plaza, and the Off-Street Festival will also be open from 9-3. The community art festival is taking place outdoors behind the Prescott Chamber of Commerce at 117 W. Goodwin St.
The Phippen Museum of Western Art is offering free admission today from 10-3.
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  • Inside
    • Voices
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      • 40 Under 40
      • Annual Photo Contest
      • Best of Greater Prescott
      • Everyone Can Be a Hero
      • Holiday
      • Medical, Health & Wellness
      • Men of Vision
      • New Year, New You
      • Relocation
      • Wealth Management
      • Weddings & Events
      • Women in Leadership
    • Up Front
      • City Speak
    • BIZ
    • YOU
      • Out & About
      • Beauty & Style
      • Health, Happiness & Education
      • Education
      • Pets
      • Home
    • FUN
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