Tax Refund Unemployment Update | Tax Loophole Explained by CPA

This is your tax refund unemployment October 2021 update. In summary, if you received unemployment compensation in 2020 and paid taxes, the IRS was supposed to send you a refund check because it was originally supposed to be taxable, but they later came back and said up to $10,200 of it, wasn’t going to be taxable. Now, this was subject to income limits, which I will discuss later.

The unemployment refund checks were all supposed to be sent out by the end of summer. So, if you’re still waiting for your unemployment refund check, then you’ll want to watch this video. Don’t worry, I’ll keep it short. If you stick around until the end, I’ll explain a tax loophole that was created from this and how you may be able to benefit.

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Do you have questions about Tax Refund Unemployment Update | Tax Loophole Explained by CPA? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.

Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

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