Being a Remote Worker Could Affect Your Taxes This Year
Since the coronavirus pandemic began nearly a year ago, an unprecedented number of people have started working from home.
You Might Be Creating a Nexus
If you moved out of state or spent a significant amount of time working elsewhere this year, be sure to talk to your employer so you can both avoid any unexpected tax penalties.
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You Might Be Subject to Dual Residency
Another thing that can happen as a result of working in multiple states is being hit with something called dual residency. This occurs naturally whenever you report a move to the IRS, and will result in you getting taxed for different portions of the calendar year based on where you lived.
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You Might Benefit From Reciprocity Agreements
Although some states might fight tooth and nail for the right to tax your income, others have found a better solution, and that comes in the form of reciprocity agreements.
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You Might Have Accidentally Picked an Aggressive State
The best way to find out how aggressively your state is pursuing tax revenue this year is to visit your state’s official website.
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You Might Be Mistaken About Home Office Deductions
In the midst of our ever-changing work environment, another topic that’s confusing taxpayers is when and if they qualify for certain home office deductions.
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How to Simplify Your Taxes Whether you’ve been working remotely for years or just started recently, there are some relatively simple ways you can ensure a smoother tax filing experience this year. Here are some of our top tips for simplifying your taxes.
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