Taxing Times: Can I Deduct COVID-Related Expenses?

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.

What is the general rule for workers trying to deduct expenses on protective gear during the pandemic?

• All workers can deduct these expenses.

• These expenses cannot be deducted by any worker.

• Only workers in healthcare can deduct these expenses.

• Only self-employed individuals can deduct these expenses.

Under what condition can teachers deduct expenses for protective equipment?

• If they have a doctor's note.

• Under the second coronavirus relief package.

• If they are part of a special government program.

• If they are teaching online.

Who is allowed to include protective equipment in their education deduction?

• Only government employees

• Only healthcare workers

• All workers

• Only teachers

What must be done to deduct COVID-19 related medical expenses?

• You must have a prescription.

• You must itemize and meet the threshold.

• You must be self-employed.

• You must have a high income.

Which of the following can be deducted as a medical expense if conditions are met?

• Masks and hand sanitizers

• COVID-19 tests

• Office supplies

• Travel expenses