Remember That Unemployment Benefits Are Taxable

Remember That Unemployment Benefits Are Taxable
Dr. Friday Tax Tips - One Minute Mo...

 
 
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Dr. Friday 0:00
Good day. I’m Dr. Friday president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Dr. Friday 0:12
Under the new Act that passed on the 21st of December 2020, many people started to qualify for additional unemployment benefits. That would have been a $300 additional weekly income for you. Remember, unemployment benefits are taxable. So you want to make sure that you’re having withholdings come out unless that is the only income you’re going to have for the whole year, which is a little hard to tell when it’s only the first quarter. So I would always suggest having at least a minimum amount of tax come out so you don’t end up having IRS issues just because you’re trying to survive when you’re unemployed. If you need more information, you could go to drfriday.com.

Announcer 0:52
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.