Many taxpayers have lost their jobs due to the recent pandemic, forcing many to rely on unemployment benefits to pay their bills. What many taxpayers do not realize is that these unemployment benefits are taxable, yet many are having little to no federal or state withholding deducted from their payments. We came across a great article from MarketWatch that discusses the predicament many unknowingly will face.
If you are one of the many who have collected unemployment, we are always here to assist to get you back on track to ensure you will not have a tax liability during the 2021 filing season.
