Unemployment New Tax Laws

Weekly Sunday Thoughts: January 3, 2021, 07:03 AM EDT

Those who collected unemployment could receive smaller or nonexistent tax refunds during this new tax season. The main reason for this is that a tax law quirk that counts unemployment as taxable income for the coming year. This new development means if you did not elect to have any taxes taken out of your unemployment, taxpayers could owe a lot of money.

– Isaac Davis, Jr., MBA, HIFE CCP, The Small Business Guru

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