5 Things the Jobless Should Remember at Tax Time
Fortunately, there are some moves the unemployed can make to reduce their taxable burden and leave more cash in their own pockets.
The Illinois CPA Society has released a list of things worth knowing by Americans who are out of work and busy looking for a job:
Unemployment income is taxable. Unemployment benefits are taxable on the federal and state level. If you haven't already, get your state and federal taxes withheld from your unemployment wages. That basically stops you from spending cash that needs to be set aside for tax payment purposes.
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