Tax Preparers Warn Unemployment Recipients Could Owe IRS

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Tax Preparers Warn Unemployment Recipients Could Owe IRS

Did you know that unemployment benefits are not taxed in Virginia, but they are taxed
by the IRS? Pandemic relief has included federal unemployment benefits, and
this article on TheHill.com notes that up to 1/3 of people receiving benefits aren’t aware
of the tax implications, and another 1/3 aren’t getting their taxes withheld from their
payments. The needs of the moment should take precedence, but don’t get caught with
a surprise tax bill next April. Contact The McGruder Group CPAs to talk about tax
planning.