People should have tax withheld from unemployment now to avoid a tax-time surprise

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 this compensation now to help avoid owing taxes on this income when they file their income tax return next year.

Original Article Source Credits: Internal Revenue Service ,https://www.irs.gov/

Article Written By: NA

Original Article Posted on: September 10, 2020

Link to Original Article: https://www.irs.gov/newsroom/people-should-have-tax-withheld-from-unemployment-now-to-avoid-a-tax-time-surprise