Tag Archives: unemployment
Taxpayers who earned less than $150,000 in modified adjusted gross income may exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. For those taxpayers who already have filed and figured their tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable […]
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It can be stressful to deal with the loss of a job, even if you have just been laid off. You’re struggling to find out how to meet the ends, and unemployment benefits can be the answer to the help you’re looking for. You must remember, though, that they are taxable. You must include any […]
— Read moreEven if you received unemployment compensation during the year, you may still be able to claim the Earned Income Credit. However, you’ll need to meet a few requirements first. The EIC, as its name suggests, require you to have “earnings”, sourced from the act of providing services in exchange for compensation – for example: employment. […]
— Read moreContrary to popular belief and what is often portrayed in movies, the IRS isn’t always the bad guy. If you aren’t able to pay the full amount you owe in taxes, the IRS will make arrangements to make repayment easier. Though you should be aware that back taxes or past due amounts will reduce your […]
— Read moreNot everyone can drive and operate a forklift. It takes a special skill, training, and an extra cautious mindset to be a safe forklift driver. When it comes to taxes, forklift operators have to know how to drive their way through a rigorous tax code. However, with a little extra help, tax time for forklift […]
— Read moreTaxpayers who work as a tradesman, including a PC professional, electrical technician, craftsman, development specialist, forklift administrator, repairman, machine administrator, painter, handyman, welder or worker, will receive Form W-2, Wage and Tax Statement, from your employer. If you receive payments for service from anyone other than your employer, this income may be considered self-employment and […]
— Read moreUnemployment benefits are taxed depending on the type of program you are receiving the benefits from. Compensation amounts from unemployment include any income received according to either the federal or state laws of the United States. This compensation can include: State unemployment insurance benefits Benefits paid from the Federal Unemployment Trust Fund Railroad unemployment compensation […]
— Read moreThere’s a chance you’ll need to report the information listed on a Form 1099-G should you receive one from a government agency. Typically, 1099-G is used to report compensation from unemployment benefits, along with tax refunds issued by the state or local government. Unemployment Benefits If you receive compensation from unemployment, you are required to […]
— Read moreDealing with the loss of a job can be stressful, even if you’ve just been laid off. You’re struggling to figure out how to make ends meet, and in this time, unemployment benefits may be the answer to the help you seek. However, you need to remember that they are taxable. When calculating your income […]
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