David Kirkpatrick

March 9, 2010

Unemployed? Be sure to take advantage of new tax break

Filed under: Business, Politics — Tags: , , , — David Kirkpatrick @ 11:49 am

It’s getting a little late in the game for this year’s taxes, but if you are unemployed you should make certain you take advantage of every tax break out there. You probably know within certain constraints you can deduct job search expenses, but this year offers a new break on unemployment insurance tax.

From the link:

Traditionally, every penny of unemployment insurance is taxed. But with 8.4 million job losses since the start of the recession, that rule is changing this year.

If you received unemployment checks last year, you can exclude the first $2,400 from your return. You have to remember to do this math yourself, since the documents from your state employment agency won’t exempt it. This benefit won’t be around next year.

1 Comment »

  1. […] Tax season is here and tax day is looming. If you are currently unemployed, there’s a new one-year only tax break involving your unemployment checks to take advantage of, and the Internal Revenue Service is offering additional assistance for those […]

    Pingback by IRS outreach to the unemployed « David Kirkpatrick — March 10, 2010 @ 11:05 pm

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