' Victims of Texas Winter Storms Get Deadline Extensions and Other Tax Relief.' Accessed April 5, 2021. ' When Are Quarterly Estimated Tax Payments Due?' Accessed April 5, 2021. ' Qualified Business Income Deduction.' Accessed April 5, 2021. “ IRS to Recalculate Taxes on Unemployment Benefits Refunds to Start in May.” Accessed April 5, 2021. “ American Rescue Plan Tax Credits for Employers Who Voluntarily Provide Paid Sick Leave and Paid Family and Medical Leave.” Accessed April 5, 2021. ' Deferral of Employment Tax Deposits and Payments Through December 31, 2020.' Accessed April 5, 2021.

' New Law Extends COVID Tax Credit for Employers Who Keep Workers on Payroll.' Accessed April 5, 2021. ' Tax Cuts and Jobs Act: A Comparison for Businesses.' Accessed April 5, 2021. There are limitations and qualifications, of course, so check with your tax professional about this. This deduction is in addition to your normal business tax deductions, and it's calculated and included in your personal tax return. New Business Income Deductionīusiness owners (not corporations) in sole proprietorships, partnerships, LLCs, and S corporations can get an additional 20% Qualified Business Income Deduction on their business net income each year. Research your state's policy to avoid missteps. Each state is taking its own approach to taxing unemployment benefits. The IRS will recalculate your return if you filed it before this change was made and will issue any resulting refunds in spring and summer of 2021. But Congress has made up to $10,200 of unemployment benefits nontaxable for the 2020 tax year for those with modified adjusted gross incomes of less than $150,000. If you took unemployment benefits as a self-employed individual in 2020, remember that these benefits are normally taxable.

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