Will You Have To Pay Tax On Your Unemployment Benefits?

We don't need to tell anyone that it's been a rough year or two in the financial world, especially our own!! If you, like many, have found yourself jobless and have received unemployment benefits for 2009, we have good news and bad news. Normally, unemployment benefits are taxable. But, under the American Recovery and Reinvestment Act (ARRA), the first $2,400 of unemployment benefits an individual receives in 2009 are tax free. This is a nice tax break for those that have found themselves jobless in 2009. So, while you still have to include the income you received from unemployment on your tax return, the first $2400 will not be taxed at all.

Feel free to contact E-File Florida to assist you in the preparation of your 2009 tax return.
We have over 19 years of tax preparation experience and we are Federally Licensed to do so! Give us a call at 954-583-8534 to schedule an appointment. You can also visit us on the internet at www.EfileFlorida.com. There, you will find interesting tax tips and articles as well as links to our tax blog.