Did you or your spouse collect unemployment benefits this past year?
If you or your spouse lost their job unemployment benefits may serve as much needed relief. But did you know unemployment benefits are taxable?
They are and if you didn’t know and aren’t prepared for it you may find yourself owing State and Federal taxes and at time when you can least afford it.
Unemployment is taxable and you must include all unemployment compensation as income for the year. You should receive a Form 1099-G, Certain Government Payments by Jan. 31 of 2015. This form will show the amount paid to you and the amount of any federal income tax withheld, if any.
If you owe State or Federal taxes and can’t pay them don’t wait, call our office today and learn about the options that may be available to you.