Discussion » Questions » Finance » COVID19. What are some ways you’ve already anticipated that the Corona Virus will affect your filing of 2020 taxes?
Randy D

COVID19. What are some ways you’ve already anticipated that the Corona Virus will affect your filing of 2020 taxes?

 

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Posted - November 5, 2020
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Responses


  • 23576


    My income will be less than the previous year.

    (I was thinking "affect"? But I'm also thinking even the usual verb-vs-noun principle has exceptions in the use of these words. I don't know.

    :)
      November 5, 2020 7:30 PM MST
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  • 53504

     

      Your 2020 income is lower than your 2019 income, fine, but income is only one element of the overall tax picture. 

      Believe it or not, I also struggle with the affect/effect dilemma.

      https://www.diffen.com/difference/Affect_vs_Effect
      

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      November 5, 2020 11:06 PM MST
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  • 23576
    Yes, that link you added about affect/effect - - I knew there was more to it all! :) I can't always keep clear in my head the info in that link. :)

    Good point you made about my answer because I was not clear with my reason for my lower income -  solely because of COVID19, I've been out of several jobs. 
      November 6, 2020 6:10 AM MST
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  • 17592
    *affect*
      November 6, 2020 5:10 AM MST
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  • 53504


    Thank you. (Edited.)
    :(

      November 6, 2020 6:00 AM MST
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  • 19937
    I haven't even thought about filing my taxes for this year.  So far, I'm probably earning a little more than last year as I put in 1.5 hours a week since mid-March.  
      November 6, 2020 12:03 PM MST
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  • 53504

     

      I don’t understand. Is the 1.5 hours a week an increase in 2020 over the year 2019?
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      November 7, 2020 5:21 PM MST
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  • 19937
    The 1.5 hour a week increase began in mid-March 2020.  Normally,  was working 9-5, Monday through Friday, but because I've been working at home, it was decided that I would work 5 days a week, 9:30-2:30 PM so as to be more available to the two partners for whom I work.  I figured that since there was no place for me to go anyway, working 5 days a week was no problem.
      November 7, 2020 5:25 PM MST
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  • 53504

     

      Thank you for the clarification. Without the word “more” after 1.5, it made it seem as if you were working a total of 1.5 hours per week during that time period. 

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      November 7, 2020 11:23 PM MST
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  • 19937
    Sorry - I should have been clearer.  :)
      November 8, 2020 5:37 AM MST
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  • 34251
    They will have more forms this year.  I will have a 1099 this year, something I have not had in years. I am not sure what the PPP will do on my 1040.
      November 6, 2020 1:46 PM MST
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