Tag Archive for: unemployment benefits

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13 Weird Things The IRS Considers Taxable, From Bribes To March Madness Pools

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It may be obvious to everyday taxpayers that they must report their wages, but few likely realize the feds also expect a cut of their profits from more under-the-radar ways of accruing income.
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Unemployment Benefits Were Tax-Free In 2020. Don’t Expect That In 2021

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It's unlikely that lawmakers will decide to let those collecting jobless benefits in 2021 forego paying taxes. Anyone receiving those benefits now should plan to pay the IRS a portion of that money. CLICK ON THE HEADLINE FOR MORE
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IRS Sending Out 4 Million Refunds To Taxpayers Who Overpaid On 2020 Unemployment Benefits

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Many taxpayers had already filed their tax returns before the American Rescue Plan Act was excluded from taxable income. For taxpayers who overpaid due to the exclusion, the IRS will either refund the overpayment or apply it to any other outstanding taxes. CLICK ON THE HEADLINE FOR MORE
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Looking For Deductions On Your Taxes? A Tax Expert Has Some Advice

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Looking back in the past year for any chances of deductions? A principal tax research analyst gives some advice on what to expect. CLICK ON THE HEADLINE FOR MORE
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For Gig Workers and Business Owners, Taxes Are Even Trickier Now

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Always complicated for freelancers and business owners, tax time this year is especially swampy. Pandemic relief programs that helped small companies and self-employed individuals created new tax challenges. CLICK ON THE HEADLINE FOR MORE
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Will You Owe Taxes On Your 2020 Unemployment Checks?

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Extemded unemployment benefits provided much-needed relief to 40 million people in 2020, But Americans could be facing hefty tax bills in April if they didn’t realize unemployment benefits are taxable by the federal government and by some states. CLICK ON THE HEADLINE FOR MORE