The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis.

graphic with a hanging red and white calendar with "January 15;" image used for blog post about estimated tax deadline for January 15

Even if you do have some withholding from paychecks or payments you receive, you may still have to make estimated payments if you receive other types of income such as Social Security, prizes, rent, interest, and dividends.


Continue Reading Is Your Next Tax Deadline January 15?

The coronavirus (COVID-19) pandemic has affected many Americans’ finances.

a pen sitting on top of a blank page of a journal with "notes" on top of the page; image used for a blog post about COVID-19 tax questions

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 deduct home office expenses. For 2018–2025 employee home office expenses aren’t deductible. (Starting in 2026, an employee may deduct home office expenses, within limits, if the office is for the convenience of his or her employer and certain requirements are met.)

Be aware that these are the rules for employees. Business owners who work from home may qualify for home office deductions.


Continue Reading Your COVID-19 Tax Questions are Answered Here