h&r block case study answers 2020

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2020 tax tips from real questions answered by our experts

Editor’s Note: In February, we hosted a Reddit Ask Me Anything (AMA) with Mike and Andy, from The Tax Institute at H&R Block. Reddit is a community-based website with over a million topic forums and AMAs are places for people to ask anything to an expert on a topic. Mike and Andy answered some of the Internet’s most burning tax questions for 2020, ranging from tax reform to cryptocurrency, sports betting, remote work, and more.

Do you have tax questions about freelance work or about cryptocurrency? Check out the answers below to get a few 2020 tax filing tips that could help with your return this year.

2020 tax questions

Filing Early vs. Filing Late

Q: Are there benefits to filing early? And what happens if I file after the deadline? A: Yes! The biggest benefits to filing early are (1) you get your return in the queue for processing, and (2) you protect yourself and your dependents from identity theft by giving the fraudsters less time to file ahead of you. If you miss the filing deadline and you owe tax, you will be hit with penalties and interest.

Freelance Work:

Q: I received a paycheck in the first weeks of 2021 for work I completed for a freelance job in December of 2020. This paycheck income is not showing on my W-2. When should I report this income: in April 2021 for my 2020 taxes or next year?

A: Even though you worked the hours associated with the check in 2020, the income will only be taxable in the year that the check was issued to you. Assuming your employer didn’t issue the check until after 12/31/2020, the income will be included on your 2021 Form W-2 (or Form 1099-NEC if you are a freelancer) and your 2021 Form 1040 tax return. Find out more about freelance income in our Filing Guide for Gig Worker Taxes .

Cryptocurrency:

Q: When purchasing Bitcoin or other cryptocurrencies, do I need to report it on my taxes? I haven’t cashed out any of crypo to but I have used it to buy products.

A: Purchasing cryptocurrencies for investment and holding those for investment without selling any of the currencies will not trigger a taxable event on your return. (Different rules apply for cryptocurrencies that you acquired by mining, rather than by purchase). Only once you sell the purchased cryptocurrencies will it become a taxable event on your return.

Sports Betting:

Q: I am new to sports betting but confused on what I need to report on my taxes. Can I lump all bets in a given time period into a “same session winnings” or do we truly need to claim every single bet and itemize the losses?

A: The first thing to know for all sports bettors is to keep records! Make sure you’ve got records for each wagering transaction, including the date, wager amount, and any wins/losses. Depending upon where you do your gambling, they may provide you with an account statement but better to be safe and maintain your own records.

To your question about netting transactions, unfortunately, that is not permitted. You need to report each wagering transaction separately. You can’t reduce your gambling winnings by your gambling losses and report the difference. Assuming you’re not a professional gambler, you must report the full amount of your winnings as income and claim your losses (only up to the amount of winnings) on your tax return separately. In addition, you can only claim the losses as an itemized deduction. If you claim the standard deduction instead of itemized deductions, you’re not permitted to deduct your losses at all. You are correct that this doesn’t always reflect your total gain or loss on those wagering transactions, but those are the rules for reporting sports betting income. Here is more information from IRS on this (page 10) –  https://www.irs.gov/pub/irs-pdf/p529.pdf

Stock Market Gains:

Q: With the recent news in the stock marketing, I am curious about how they’re taxed. If I buy stock with post-tax money (my net paycheck) and there are gains, am I taxed twice?

A: The gain will be taxable, though you won’t be taxed on the full proceeds of the gains, only the net amount of your gain (the difference between what you sell the stock for and what you originally paid for the stock). This is because this difference is considered income in the form gain due to the increase in the value of the stock. The fact the stock was purchased with after-tax wages won’t change this result as the gain on the stock still represents income in itself.

Working from Home:

Q: With so many people working from home, what are some possible common tax benefits/implications you might recommend looking out for?

A: The two most common things to watch for are expenses associated with working from home and state tax implications if you’ve been working from home this year.

For expenses that may be deductible, the first step is to determine if you’re a W-2 employee or self-employed. Self-employed individuals can deduct their work-from-home expenses, including office space and equipment used regularly and exclusively for work, assuming you regularly meet clients there (even through video conferencing). Self-employed individuals with a home office can also deduct mortgage interest, insurance, utilities, repairs, and depreciation attributable to the qualified workspace. Unfortunately, W-2 employees can’t deduct work-from-home expenses on the federal return due to legislation passed in December 2017. However, a handful of states still allow employees to deduct these expenses on the state return.

Another state consideration may impact those people who, pre-COVID, typically worked in a state different from where they live. For example, if you live in Missouri but typically work in Kansas, your employer may have continued to withhold Kansas taxes even after you switched to working from home in Missouri due to COVID. Likewise, your W-2 may show that you worked in Kansas all year, even though you worked several months from home in Missouri. On your 2020 taxes, you may need to allocate your wages differently than as shown on your W-2. This can get complex, so be sure to discuss this situation with your tax professional and bring records of when you began to work from home and when you returned to work at your office if that has occurred.

Remote Work out of State:

Q: In 2020, I worked remotely in a state different than where my office is located because of coronavirus. What does this mean for tax implications? If I have worked in several different states remotely, do I need to pay tax for every state I worked from?

A : It depends on the states involved. If you are not covered by a reciprocity agreement and each of the states involved has a tax on earnings, then you will likely pay tax to each state based on the amount of income earned in that specific state. Your home state generally taxes you on all your income no matter where earned (again, assuming your state taxes earnings). However, your home state typically allows you to claim a $1/$1 credit for taxes paid to the other states – preventing you from being double-taxed.

Where to go with your 2020 tax filing questions

Have other questions not listed here? Get connected with a real life tax pro to get answers to your top tax questions.

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• Digital Videos

H&R Block Case Study: A Simplified Digital Video on A Serious Subject

Viral Video Brand Marketing – What Makes It So Effective?

Why Content is King Even in Case of Video Marketing

Introduction

H&R Block is a tax filing and solutions firm that has been present in India since January 2012. The company dates its origin back to 1955, when it was originally founded in the United States. Boasting of over 2.5 crore clients the world over, it is the largest tax filing entity in the world. The company has been making large strides in India as well, with collaborations with more than 300 corporates (and counting), and over three lakh tax returns already filed.

The Challenge

H&R Block needed digital video production content to populate on their website – content that would engage and attract potential customers and users, and present H&R Block in a positive light. This particular video was required to highlight the functions of H&R Block, and its primary service on offer – helping individuals file their income tax returns.

The Solution

The solution provided by our team at Toolbox Studio was an explainer video, using production techniques to help present the content in a straightforward and easily graspable manner. The aim was to create a video that would not only comprehensively cover all the needs of the clients, but also do it in a way that did not alienate viewers – a challenging task (considering the subject matter). After all, in isolation, taxation is not the liveliest nor the most engaging subject out there!

The Approach

Creating an animated video production is a complex undertaking, and Toolbox Studio works with its clients every step of the way to ensure that their needs are being addressed and the final product not only matches their expectations but also surpasses it.

To this end, here are the steps that were undertaken from the beginning to the end of this particular project:

After the brief was received from H&R Block regarding what they were looking to achieve from the video, who their target audience was, and where they wanted to publish the content, a script was prepared. The script is a textual description of the dialogue and accompanying visuals in the order it will appear in the final video.  

The next step in the process was the creation of the storyboard. This involves actually sketching out the pertinent frames of the narrative to provide the client with a visual context of how the final production will appear. Everything from the lead characters, to the graphics involved, and the actions performed throughout the video were portrayed here for H&R Block’s perusal.  

Recording the Voice Over (or VO) was the third step in this production. A VO plays a very important role in the video. It provides key aural narratives and drives the audio aspect of the audio-visual production. Everything from the accent, to the style of speech, language, pitch, and timbre are important. Various pertinent choices were offered based on the needs of this particular video, and a decision was made by H&R Block regarding which one they preferred.

• Outlined Animation

After the voice over is decided upon and recorded, an outline of the final animation is created. At this stage, H&R Block had the opportunity to see exactly what the final product would look like, and make any changes they needed to the content and its presentation.  

• Background Music

After the animation was approved, it was time to make the final touches. The most important of which is the addition of a background music score (BGM) to the production. The background music sets the tempo of the production and adds another layer to it. Potentially awkward silences are filled in, and the score provides a complement to the VO, underscoring it when presented to the viewer.

• Final output

Only after a suitable background music was selected and added to the production was the final video complete. The video begins with a light-hearted take on taxation and the trouble it gives people, portrayed through the animated lead character. Next, viewers are given a step-by-step guide through H&R Block’s taxation support service, while highlighting salient features (like the availability of live chat). The fact that the service is free of cost is also highlighted, and the video ends by reminding viewers of the client’s brand and forte.

Watch the H&R Block Tax Chat and Tax Pledge videos to see the final output for yourself!

At the end of the process, H&R Block had a video that achieved the preset goal – a production that conveyed how easy it was to pay taxes through the medium of a fun, attention-retentive animated short video, which simplified the content, yet provided all the necessary information to the viewers. The content was still the most important aspect of the video, but it was presented in a manner that would make it more receptive to those watching it.

Has your brand invested in digital video marketing yet? It is one of the top trends in the industry right now, and if you are steering clear of this brand-building and advertising machine, it is time to rethink. Contact us to know how we can do for you what we’ve been doing for our beloved clients over the last 8 years. And keep an eye out on this space for more such awesome case studies along with insights on why content (the message) is king even in case of video marketing.

Dr. Mohmad Altaf Tali

Dr. Mohmad Altaf Tali possesses a distinguished Ph.D., reflecting more than twelve years of exceptional academic prowess and an extra two years of practical industrial involvement. His doctorate in management underscores his expertise in the domains of Media and Entertainment, Marketing, and various other disciplines.

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Jewish Calendar 2020 Elektrostal’, Moscow Oblast, Russia

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