Taxing Times: Can I Deduct COVID-Related Expenses?

Taxing Times: Can I Deduct COVID-Related Expenses?

Assessment

Interactive Video

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University

Hard

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The video discusses the financial impact of the pandemic on workers, focusing on expenses for protective gear and their tax implications. It explains that while most workers cannot deduct these expenses, self-employed individuals and teachers may have some options under the coronavirus relief package. Additionally, it covers the possibility of deducting COVID-19 related medical expenses if certain conditions are met. For more detailed tax information, viewers are directed to visit a specific website.

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2 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

Why can't most workers deduct items like masks and hand sanitizer?

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OFF

2.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the threshold that must be met to deduct medical expenses related to the pandemic?

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OFF