The expanded ETI was structured as follows: This expansion was provided to assist employers retain employees, thus reducing the risk of low-income earners losing their employment as a result of the lockdown. One of the exceptional tax measures included in the above-mentioned Acts was an expansion to the Employment Tax Incentive (ETI). In 2020, Parliament passed the Disaster Management Tax Relief Act, 2020 and the Disaster Management Tax Relief Administration Act, 2020, containing exceptional tax measures which formed part of the fiscal package aimed at assisting taxpayers who experienced cashflow constraints as a result of the COVID-19 pandemic and required national lockdown. IN RESPONSE TO THE CONTINUING COVID-19 PANDEMIC AND RECENT UNREST IN THE COUNTRY 1.Extension of the expanded Employment Tax Incentive (ETI) age eligibility criteria and amount claimable

Apply for UIF through the Department of Employment and LabourĢ8 July 2021 – Emergency Tax Relief measures for 2021:.

Apply for Small Business Relief through the Department of Small Business Development.

SARS Customs specific COVID-19 information.

If you received unemployment benefits last year and already filed your 2020 taxes, the IRS recommends that you not file an amended return until it releases more information.National Treasury and SARS are proposing the following set of measures to help businesses focus on staying afloat and paying their employees and suppliers. (On a related note: The first $10,200 of 2020 unemployment benefits may be rendered nontaxable.

That noted, it may be worth holding off for now: The IRS is currently reviewing the tax implications of the American Rescue Plan Act of 2021 and is expected to provide additional guidance on its impact on 2020 tax returns. If you've already filed your taxes but believe you are eligible for the tax break, you can file an amended return to make a correction or other changes to your return. What to do if you already filed your taxes but think you're eligible You can learn more about deducting other health and dental costs from your tax bill here. And, significantly, the PPE must not have been covered or paid for by insurance or any other type of health plan. In order to claim your deductible, you will need to itemize your taxes on Schedule A (Form 1040). After all, hand sanitizer sales increased by 600% in 2020 and, as a result, got pretty pricey in some cases.

But that could save some taxpayers quite a bit of money. If your AGI totaled $75,000 in 2020, for example, your medical expenses would have to exceed $5,625 to write off your PPE spending. 'For most taxpayers without other major medical expenses, this is a threshold unlikely to be reached, but it could be helpful for households with other medical expenses that put them over that AGI threshold,' said Garrett Watson, senior policy analyst at The Tax Foundation. This means you are now able to add the cost of such items to your medical expenses when filing taxes - as long as your annual medical costs exceed 7.5% of your adjusted gross income, or AGI. 1, 2020, 'for the sake of preventing the spread of COVID-19,' are considered 'medical care' products. In late March 2021, the IRS announced that personal protective equipment like masks, hand sanitizer and sanitizing wipes that were purchased on or after Jan. What's covered under the new IRS deduction?

Covid tax write offs