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If you receive unemployment benefits, you must report the payments on your federal income tax return. Types of unemployment benefits include benefits paid by a state, disability payments from various government programs, and several others. Here are two tips from the IRS about unemployment benefits.....
The Good News: Unemployment benefits usually aren't taxable by your state.
Don't get caught by surprise when your unemployment benefits result in a tax liability for you at the time your tax returns are prepared...contact us if you would like assistance in planning for this. We are here to help!!
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