Got Unemployment Income and Owe Income Tax?

Wasson and ThornhillIncome Taxes

what to do with income

Photo by Travis Essinger on Unsplash. What if you owe 2020 income taxes even though the IRS is not taxing $10,200 of unemployment income? What should you do and not do? Last week we discussed the extent to which unemployment income is not taxed because of the American Rescue Plan Act. Generally, you don’t pay federal (and possibly state) income … Read More

Renewed and New Unemployment Benefits Approved

Wasson and ThornhillUnemployment Benefits

employed employees

Photo by Alex Kotliarskyi on Unsplash. Federal unemployment benefits were extended as of December 27, 2020. With one new unemployment benefit added. Here’s what the new law includes. The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA), was enacted on December 27. Last week we wrote about the new $600 stimulus payments of this new Act. It also extended unemployment … Read More

States’ Responses to $400/$300 Extended Unemployment Benefits

Wasson and ThornhillUnemployment Benefits

manacing cloud with hopeful rainbow

Photo by NOAA on Unsplash. Different states have responded differently to the proposed $400/$300 federal extended unemployment benefits. How about Kentucky and Indiana? Last week we explained the President’s Memorandum of August 8 which extended reduced federal unemployment benefits. The $600 weekly benefit had expired on July 31. The House of Representatives had previously passed a bill extending the $600 … Read More

Trump’s $400 Unemployment Benefits

Wasson and Thornhillpandemic, unemployment benefits

foreboding waters

Photo by Steve Halama on Unsplash. On August 8 Trump signed a Memorandum extending federal unemployment benefits, at $400 per week. Is this really happening? A Quick History of the Federal Unemployment Benefits The CARES Act’s $600 per week additional federal unemployment benefits expired on July 31, 2020. Section 2104 of the CARES Act.  Back in May the U.S. House … Read More

New Greatly Enhanced Unemployment Benefits

Wasson and ThornhillFinancial Crisis

A series of new very beneficial unemployment benefits are coming from the massive coronavirus relief law—much more money for many more people.      Our blog post last week was about the emergency $1,200 Economic Impact Payment that’s “rapidly” coming to most American adults. (Plus $500 for each qualifying dependent child.) For updates on this payment since then, see the … Read More