Скачать или смотреть IRS taxes on unemployment? | Tax planning with unemployment

Unemployment Income has been on the rise due to the COVID 19 Pandemic. Is the income taxable?

It is important to do a little bit of tax planning with unemployment income, especially with the extra PUA help from the Federal Government for COVID 19 / Corona Virus.

Here we list a couple of helpful tips that help with tax planning with unemployment income you are collecting.

The appropriate tax planning will help prevent owing a tax to the IRS at tax time.

Timely payments will help prevent any IRS tax penalties just in case you do not pay on time.

Many people may ask: Do I have to pay taxes on unemployment income? The answer is yes!

The taxes are not due immediately. The taxes you pay are actually due ar regular tax time.

The tax year for 2020 runs from January through December. The filing and payments are due 04/15/2021.

IF you file an extension, it is only good for filing, not paying.
If you dont file on time, you may get hit with a late filing IRS tax penalty, & if you do not pay on time, the IRS will assess a late filing tax penalty

We recommend filing your taxes as early as possible, this way you either get a refund, or plan to make a payment prior to the deadline.

Filling out a W4 when you get back to work is important so that when you get back to work you paycheck withholds the right amount of tax, check out the step by step guide to the W4:    • How to fill out Form W4 2020 step by step ...