Taxes are owed on unemployment payments

COMMENTARY /// The IRS and you


 As a former IRS agent and CPA for over 45 years, I’ve experienced most every tax situation imaginable. I would like to share my wealth of knowledge with Acorn readers.
Due to the coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It’s important for these individuals to know that unemployment compensation is taxable.
People can have taxes withheld from the compensation now to help avoid owing taxes on t...

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