Posted on

This tax pitfall could affect millions due to Covid. Here’s what you need to know

Share

ljubaphotoThe 2020 tax season is officially underway, and the millions of Americans who collected unemployment benefits last year due to the coronavirus pandemic may be in for a surprise.That unemployment income is taxable, and if you didn’t have money set aside or withheld for those taxes, it could reduce your refund or even lead to a bill.This might be particularly unexpected for independent contractors and self-employed people who normally aren’t eligible for state benefits but may have received Pandemic Unemployment Assistance through the CARES Act.”There are going to be a lot of people this year that have unemployment …

Read More