NBC 5 Responds: How the Pandemic Will Impact Tax Season
Unemployment benefits count as taxable income, explains Madhu Ahuja, a Plano-based CPA with Ahuja & Clark. Check your records to confirm if you had federal income taxes withheld from your unemployment benefit payments. As the Texas Workforce Commission explains, it withholds 10% of the gross amount of each payment. “If income taxes have not been withheld at the time of payment of the benefits, then you must run an estimate before year-end to calculate the tax payment,” Ahuja explained. The IRS offers this free tool online. That way, you avoid a surprise bill later. What about Stimulus P...
Source: nbcdfw.com