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The economic impact of the pandemic has been challenging, with millions receiving unemployment. These funds offer a lifeline, but they’re not tax-free income.

When it’s time to file your tax returns, be on the lookout for a Form 1099-G, which reports the amount of unemployment benefits you received during the year. Your tax return preparer will need a copy to report it as income on your tax returns.

If you want to avoid a surprise tax balance due when you file your returns, consider adjusting your tax withholdings or making estimated tax payments.

Unemployment benefits may be a new and unfamiliar tax topic for many. We handle the reporting on your tax returns and provide guidance on tax withholdings and estimated tax payments.

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There are many potential benefits of owning rental property, perhaps as an investment, to generate current cash-flow or as a component of your retirement plan. However, as a landlord, do you know how your rental income is taxed?

We consider the following when preparing your rental income tax forms:

• Tax deductible expenses
• Rental property classifications
• Annual improvements and depreciation
• Gains or losses if you sell the property

The tax rules are vast, and the details are key. EY TaxChat professionals will complete the applicable forms to report your rental activity.

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From savings accounts, to a diversified portfolio of stocks, bonds and mutual funds, these holdings generate varying types of investment income, each with distinct tax rates.

For those with investments in real estate, virtual currencies or partnerships, we will calculate income or losses and file the supplemental forms required.

EY tax professionals will prepare and file your individual returns including forms related to investment income, such as federal Schedules B, D and E. Proper reporting is crucial, as certain types of interest, dividends and capital gains may qualify for reduced tax rates. If you’re subject to the net investment income tax, we prepare the Form 8960, and include the tax deductions available to you.

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Whether you own foreign bank accounts, generate income from international investments, receive compensation abroad or own a foreign rental property or business, you are generally required to report this information on your annual tax returns.

We will include your foreign activity on your US returns and submit the appropriate forms to:

• Claim available foreign income tax credits
• Determine if you qualify for the federal foreign earned income exclusion
• Calculate and disclose any income or loss generated from foreign-owned rental properties

If you recently became a US citizen, are a citizen of multiple countries or work in the US under a visa, our team will analyze your scenario to assist and file the appropriate US returns.

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If you have cryptocurrency transactions, or own a business that transacts using cryptocurrency, this information must be reported on your annual return.

As the adoption of cryptocurrency continues to expand, so too have the tax reporting requirements. With the necessary experience and proprietary technology tools, we handle the following:

• Calculate your capital gain or loss incurred from buying, selling or exchanging cryptocurrencies
• Report income or expenses resulting from cryptocurrency mining
• Include supplemental statements or disclosures related to your cryptocurrency transactions on your returns

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Albert Einstein once said: “The hardest thing in the world to understand is the income tax.”

There’s no doubt that taxes can be quite complex, especially with the frequency of recent tax law changes and personal circumstances during these times.

The good news is our EY tax professionals are here to address the complexities of your tax filings.

Plus, if you’re interested in tax tips from the pros throughout the year, this section is for you! From practical tips to in-depth tax topics, we’ve compiled various resources to keep you informed.

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