Episode 208 - Searri Shipman from Inside Out Tax & Accounting
Searri Shipman from Inside Out Tax & Accounting www.insideouttaxhelp.com – How will COVID-19 affect tax returns this year? Listen in while Searri runs us through the ins and outs of tax returns and Covid, deductions which can be taken and the discussion of whether or not extensions may occur this year, like in 2020. Small business owners will want to hear about PPP and EIDL tax requirements as well as IRS, SBA and stimulus bill details. The CARES Act also comes into play for anyone who is making withdrawals. With “work from home” being more common, expectations are that home office deductions will also be a new possible deduction for those who can still itemize over the standard deduction – what to consider to make sure you don’t trigger an audit flag.