3/18/2023 0 Comments Timeplus payroll njDue to the American Rescue Plan Act of 2021, unemployment compensation for taxpayers below $150,000 will be able to exclude $10,200 of their income in tax year 2020. If you haven’t collected unemployment benefits before, you might not realize that unemployment income is taxable at the federal level (and most states). Claiming unemployment – Americans are claiming unemployment benefits in higher numbers than ever before due to coronavirus.Here are a few ways job and policy changes might have impacted your taxes. Receiving unemployment income, taking on an extra job or self-employment are all plausible causes for your refund amount changing from year to year. That said, the answer to “why do I owe taxes this year?” might have to do with economic shifts due to the coronavirus pandemic. But, for so many people this last year, their situation was not the same. If you received a refund last year, you generally could expect one this year-if your personal tax situation was the same. Why do I owe taxes this year? – It could be due to pandemic impacts Then, we’ll help outline what your next steps should be. We’ll answer, “why do I owe so much in taxes?”. When you see you owe taxes, it can be somewhat of a shock-especially if you were planning on a nice refund. But when that last screen doesn’t show a refund, you have to ask, “why do I owe taxes?” We get it. You plug in your numbers and eagerly anticipate that final number. If you’re like many taxpayers, getting ready to file starts with a quick check with a tax calculator.
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