Ever wonder…. What if I lose my job?

The loss of a job may create new tax issues. Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or sick time also are taxable. You should ensure that enough taxes are withheld from these payments or make estimated tax payments to avoid a big bill at tax time. Public assistance and food stamps are not taxable. The IRS has updated a helpful publication which lists a number of job-loss related tax issues. For more information, see http://www.irs.gov/pub/irs-pdf/p4128.pdf

This entry was posted in All Service Providers, All Taxpayers, Daycare Providers, IRS Tips, Realtors, Record Keeping and tagged , , , , . Bookmark the permalink.

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