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COVID Boosters Are Coming: Here’s What to Know

Introduction

The amount of people in the United States who have received two doses of the COVID vaccine is high, although it could always be higher. However, while many people assumed that they would be done with the vaccine regiment after the initial two shots, it now seems like more shots are coming for those who wish to combat the virus.

The idea of boosters seemed foreign even just a few months ago but now it sounds like an absolute certainty. If you are one of the millions who took both shots, you will need one more to keep your immune system strong.

COVID booster doses will be available in the United States in September, according to public health experts such as the CDC and Health and Human Services Department. According to a proposal revealed by government agencies, all people in the United States who received a two-dose vaccine will be eligible for an extra Pfizer or Moderna vaccine eight months after their second dosage.

What are COVID boosters? Why are they needed? Most importantly, do you need them?

Why are COVID Boosters Needed?

Essentially, a booster shot is yet another way to keep your strength against the virus strong. When you receive a booster shot, you are allowing your immune system to stay strong as the virus remains around.

The Delta variant has made the coronavirus so much stronger than people predicted. If it weren’t for Delta, the virus would have likely been nearly gone by now. But with the Delta Variant, as well as too many people unvaccinated, the virus is still evident in most of the country. That is why a booster is so smart. It will keep healthy people healthy and will stop the spread of the virus as more and more get vaccinated.

Is There a Difference Between a Booster and Third Shot?

A booster injection is similar to a third vaccination dose in many respects. Not all extra vaccination doses, however, are boosters.

The FDA authorized a third dosage of the Pfizer or Moderna vaccine for immunocompromised persons in August 2021. This includes persons living with HIV and those undergoing immune-suppressing cancer therapy. The extra dose isn’t a booster for them. Instead, it’s included in their first round of vaccinations.

However, for those who are not immunocompromised, a booster shot really is a lot like just getting a third vaccine injection. However, that doesn’t limit its importance at all.

Who Needs Boosters?

For people who received the Pfizer/BioNTech and Moderna vaccinations, a booster is suggested at least six months after the second dosage for those who are:

  • 18 to 64 years old and at high risk for severe illness from COVID. That means people with lung disease, cancer, or diabetes are prime candidates for the booster.
  • Anyone 65 or olders
  • Citizens living or working in high-exposure settings. This is people who are healthcare workers, teachers, grocery workers, prisoners, or those who live or work in long-term care facilities.

Like the vaccine shots that came before, the boosters will be covered by insurance or a free program via the government.

 

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Financial Tax Services

COVID-19 and Taxes: Will Your Refund be Impacted?

COVID-19 has severely impacted individuals and businesses. From the shutdowns, quarantines, and economic situation that affected people from different economic situations. These changes will also affect your taxes and tax returns.

While people are filing taxes and accounting for any economic changes that 2020 brought to their personal or business finances, there are also more things to think about. 2020 also brought in new economic stimuli and potentially unemployment that will also need to be accounted for when filing taxes. So, here are some tips to keep in mind to get the most out of your taxes and tax return.

Individuals and Families

Many individuals have been affected by COVID-19. With record unemployment and stimulus checks, families and individuals are in different economic situations than they were in 2019. These changes may impact how much money you file and how much money you can expect back.

Two stimulus checks went out in 2020 to many people. In regards to your taxes, these stimulus checks are tax-free and do not need to be noted. The IRS should already have on record that you received these payments and accounted for. These payments will not impact your tax return at all.

Unemployment rates also went up during 2020, with almost 15% of people declaring unemployment at one time. To compensate for the economic downturn that many felt, unemployment checks increased by $600 a week. Unemployment payments are taxed as income. Up to $10,200 in unemployment is tax-free.

Six states do not tax unemployment at all. If you live in one of these states then you can expect to pay less in taxes. Seven states do not tax income at all, since unemployment is taxed as income this can also result in how your taxes are filed if you live in one of those states.

Businesses and Other Entities

Businesses and other places that employ people were severely impacted by COVID-19 and the subsequent economic downturn. The government passed different stimuli and credits to help businesses stay in business and continue to employ people.

The Employee Retention Credit is refundable. Immediate access to credit is available by reducing the employment tax deposits you are required to make. If your employment tax deposits are not sufficient to cover the credit, then you can get an advanced payment.

Small businesses with 500 or fewer employees were also eligible for Coronavirus-related paid leave. Employers can receive 100% reimbursement for paid leave related to the act. This includes leave for expanded paid childcare leave and paid sick pay leave.

Conclusion

While, COVID-19 changed finances for many people and businesses, these changes in finances also affect taxes and tax returns. For many people who received credits or stimuli, those credits are refundable or not taxed. This means that many people who relied on these services to stay afloat will continue to experience assistance when filing for taxes.

Filing taxes for 2020 will be just as different as the rest of 2020, there will be many changes that will be COVID-19 specific. For many of these changes, individuals and businesses can benefit from receiving credits.