Rivieccio Financial Advisors, a virtual financial advisory firm, announced in a press release dated March 11, that it is making available some free income tax tools and resources to assist clients with their tax return filings for the Tax Year 2020. The group announced that the resources are available on the group’s professional Facebook page for referral by both the general public and by small businesses.

 

Resources include articles, eBooks, videos, events and webinars. Financial advisor, Anthony Rivieccio MBA PFA, said he believes the income tax season 2020 is more about COVID challenges than anything else. “In 2020, our world changed! For example, many received unemployment [benefits],” he said. “Many are now working at home. Many, in this same light, absent proper tax planning and preparation, do not realize that these two areas are straight pitfalls towards getting a lower, not a higher income tax refund.”

 

Rivieccio said that the group is offering videos on their Facebook page that explain some of the major tax concerns for clients for Tax Year 2020, such as:

 

He said he hopes the group’s free tax books, videos and events can help tax payers learn about their applicable unemployment tax base and how to properly record working-from-home expenses. He added that while Congress is currently working on COVID-related tax areas in respect of future tax years, nothing has changed for the 2020 calendar year.

 

“It’s going to be more about situational tax planning, more than anything else,” said Rivieccio. “Everybody is looking for that ‘gazillion’ dollar refund, and many don’t understand that the IRS laws do not conform to one’s common sense reality or sensitivity during this COVID period of time.” He said home-based deductions used to be tax deductible on the federal side, but not any longer.

 

“You would like to think that unemployment should not be taxable,” he said. “Sadly, it is. So, when it’s time to pay it back, how are you going to do that? Through your supposed gazillion dollar refund? Many of these situations, however, do have common sense solutions, and we are providing that through many tools on our professional Facebook page.”

 

Rivieccio Financial Advisors is a virtual-only financial advisory firm regulated under U.S. and State Advisors’ laws and is a strategic partner of The Financial Advisors Group.

 

Editor’s Note: Norwood News recently reported on various tips and assistance the State and City tax departments are offering to tax payers this tax season, including tips on how to select a tax preparer.