Unemployment – DougFreemanCPA.com

A job loss is bad but the tax implications could make it worse

Federal Taxes, Health Care Insurance, Incentive Stock Options (ISOs), Ordinary Income Tax, Unemployment, Unemployment Tax / Douglas Freeman

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances. Depending […]

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Lost your job? Here are the tax aspects of an employee termination

(COBRA) Consolidated Omnibus Budge Reconciliation Act, 401K, Employee Termination, Employees, Federal Income Tax, Health Care Insurance, Incentive Stock Options (ISOs), IRA, Retirement, Unemployment / Douglas Freeman

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require

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Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes

AGI (Adjustable Gross Income), American Rescue Plan Act, Tax Credits, Tax Refund, Tax Savings, Unemployment / Douglas Freeman

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return

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Tax implications of working from home and collecting unemployment

COVID-19, Home Office Deduction, Tax Planning, Tax Withholding's, Telecommunting, Unemployment / Douglas Freeman

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you’re an employee who “telecommutes” — that is, you work at

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Do you have tax questions related to COVID-19? Here are some answers

(CARES ACT), COVID-19, Deductions, Employees, Internal Revenue Service (IRS), IRA, Unemployment / Douglas Freeman

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can

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What are the key distinctions between layoffs and furloughs?

(CARES ACT), (WARN) Under the Worker Adjustment and Retraining Notification, COVID-19, Employee Benefits, Employees, Human Resources, Small Business, Unemployment / Douglas Freeman

As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you’ll likely want to consider the choice within the choice: that is, should you lay

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