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Jill On Money: Year end money moves to make amid COVID-19

Source: https://chicagotribune.com/business/careers-finance/sns-year-end-money-moves-20201130-ybasqynlavc33bsouvg6di5khu-story.html - Dec 1, 2020

In most years, writing a year-end column is a snap, but 2020 is not most years. As a result, I will be writing a few columns with action items to consider.

Think about 2021 taxes NOW: The IRS is not likely to extend tax deadlines again in 2021 and therefore, start figuring out where you stand right now. If you received an economic stimulus check (EIP), it is NOT taxable. But if you collected unemployment benefits, either through your state or through CARES Act programs, those dollars ARE taxable. If you did not have taxes withheld from your unemployment checks, you will need to pony up in April.

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Category: General Business