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Still working remotely? Your 2021 taxes may be more complicated than your 2020 return

admin by admin
July 19, 2021
in Tax
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Still working remotely? Your 2021 taxes may be more complicated than your 2020 return

those who were still doing their jobs remotely in late 2020, about 30% said they were working in a different state than where they had lived and worked pre-pandemic, according to a survey done by the Harris Poll on behalf of the American Institute of CPAs. Most people surveyed (72%) were either “very” or “not at all” familiar with their state’s tax requirements for remote work.

It can be complicated. Different states have different approaches for when they expect you to report income earned there, and the rules don’t necessarily mean you’ll be paying more overall in taxes because most states provide a tax credit to eliminate double taxation (although that isn’t always the case).

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“The No. 1 concept for an individual who is a remote worker to know is that whatever state you are a resident of gets to tax your wages, regardless of where you earned them,” said CPA Michael Bannasch, state and local tax practice leader with RKL, an accounting and advisory firm.

However, he said, you might have a tax liability in another state if you earn money or work there or if it’s where your company is located, depending on the states involved.

 

Read more…

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