On March 31st, the Collegiate Financial Management Association hosted Bill Feehley for our event Getting through Tax Season: Filing Taxes for the First Time? Feehley received a BS in Accounting from the University of Baltimore. He is the founder of accurate Business Services and serves as executive director at the Maryland Society of Accounting and Tax Professionals.
During our time, Feehely spoke about the new tax laws for 2020. He talked about the effects of President Biden’s American Rescue Plan Act of 2021 including stimulus payments. He made sure we understood the rules for claiming exemption in order to receive the stimulus payment, especially as college students.
Feehley suggested talking with one’s parents about income tax in order to clear up any confusion with regards to filing status. Additionally, he explained how to get a tax credit this year, if unable to get stimulus payments as a dependent last year.
Another change for 2020 — exemption for the first $10,200 of unemployment, or $20,400 for married, filing joint account. And, in Maryland, 100% of unemployment is excluded with forms expected to be issued on April 15th. Therefore, the state has granted an extension till July 15th for filing forms, while the federal government has extended its deadline to May 17th.
Lastly, Feehley covered other parts of the American Rescue Plan Act. He mentioned the increase in corporate income taxes from 21% to 28% and the increase of taxes for all people that make over $400,000 a year.
Throughout the event, Feehley addressed participant questions and concerns about various topics such as capital gains tax, filing taxes with software versus an accountant, maximizing returns, and avoiding common mistakes of first-time filers.
We thank Mr. Feehley for speaking with us about such an important topic and look forward to having him back in the future.