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Tax tips: Unemployment compensation

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Tax tips: Unemployment compensation Empty Tax tips: Unemployment compensation

Post by Jobless_in_Ma on Tue Apr 12, 2011 8:25 pm

If you haven't filed your taxes and you're one of the millions of Americans who received unemployment benefits in 2010, this tax tip is for you.

With the unemployment rate hovering just below 10 percent throughout 2010, millions of Americans collected unemployment benefits. Those out of work were eligible for up to 99 weeks of benefits.

When you register for benefits, no taxes are withheld from your unemployment check unless you request the taxes be taken out on your behalf. If you asked for the taxes to be withheld, you likely avoided an undue tax burden because you must declare unemployment income on your taxes.
So if you received the full amount of the benefit each week, the total tax bill comes due when you file. That could be a sizable and difficult debt to pay, depending on the amount of the benefit and the length of time you received it.You can save money by deducting the costs of resume preparation, job counseling and employment agencies. The cost of travel to and from interviews may also qualify for deduction if the trip was primarily for a job search.


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Tax tips: Unemployment compensation Empty help with my taxes...

Post by cablab on Wed Apr 13, 2011 1:01 am

unfortunatly i had to collect UI for the tax year 2010... do i ask for a extention or file? Please help...BTY i already owe taxes from the year 2007, i know im screwed right?
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Tax tips: Unemployment compensation Empty Re: Tax tips: Unemployment compensation

Post by cablab on Wed Apr 13, 2011 1:06 am

BTW ty JIMAINE Cool
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Post by Jobless_in_Ma on Wed Apr 13, 2011 1:31 am

Personally I would ask for an extension if you feel you are going to owe taxes for the year, unless you have the cash to pay what you owe right now.

Im no tax pro by any means so best consulting a professional on these matters.

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Tax tips: Unemployment compensation Empty Re: Tax tips: Unemployment compensation

Post by Guest on Wed Apr 13, 2011 1:35 am

cablab wrote:BTW ty JIMAINE Cool

Here is the link regarding tax filing and how to file an extension. If you don't have the money to pay, file your return anyway, along with the application for the extension. You will be charged interest on the money owed, but you will not be charged a penalty. Be sure to follow the instructions. The links to the IRS website are on this this thread. As far as last year, call them as soon as possible and explain. It may not be as bad as you think. They will work with you and in some cases defer and put you in "uncollectable" status.

Good Luck!

http://www.unemployed-friends2.org/t159-2010-tax-filing-and-extension-information

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