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Military Personnel: Don’t forget to plan for payroll taxes deferred from 2020

Military Times reporter Karen Jowers, in a post on their website, offers a reminder to military personnel that they’ll need to make provision for repayment of the payroll taxes deferred in 2020 following President Trump’s August memorandum. After all, it was a deferral, not a cancellation of the tax, with the understanding that the tax would still need to be paid. And the payroll tax itself will also be resuming in 2020, causing a dent in the paychecks military personnel were enjoying in the late months of 2020. Ms. Jowers notes that some help is on the way, though, in the form of pending legislation that would allow for making the “catch up” tax payments over a full 12 months. Read her post here…

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