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Article: How to Pay Taxes If You are Unemployed by Harrine Freeman

16 Mar

How to Pay Taxes If You are Unemployed
by Harrine Freeman

Unemployment insurance benefits are taxable for federal and state. Seven states fully exempt unemployment benefits: Montana, New Jersey, Alabama, Pennsylvania, Arkansas, California, and Virginia. Wisconsin and Indiana offer partially exempt unemployment benefits.

You will receive a Form 1099-G that will show your total unemployment compensation and the amount of taxes withheld. Here are 5 options if you owe taxes and are unemployed.

1.    Installment. Apply for an installment plan and setup an IRS payment schedule by filing IRS Form 1127. If you can pay the amount owed in 3 years.

2.    Extend. Request an IRS extension for 6 months.

3.    Pay.  Pay at least something. Interest is charged on unpaid taxes from Tax Day (April 15th) until the day you make the final payment.

4.    Streamline agreement. If you own less than $25,000 and can pay the amount within six years, ask the IRS for a streamlined payment agreement.

5.    Offer in Compromise. Request an Offer in Compromise if you cannot pay the total amount owed which allows you to settle your tax debt for a smaller amount. 

Here are some helpful links regarding personal finance:  http://www.hefreemanenterprises.com/resources.html

About the Author
Harrine Freeman
is a credit repair expert and CEO of H.E. Freeman Enterprises, a credit repair and personal finance services company. She provides personal consultations to teach consumers how to get out of debt and learn how to manage their finances. She also provides debt management workshops for schools, churches and organizations.  Read more at:   http://www.hefreemanenterprises.com

Connect with Harrine Online  

http://www.hefreemanenterprises.com
http://hefreemanenterprises.blogspot.com
http://www.twitter.com/harrine
http://www.youtube.com/user/HarrineFreeman/feed
http://www.amazon.com/Harrine-Freeman/e/B002BLU9WK

Purchase How to Get Out of Debt: Get an “A” Credit Rating for Free [Kindle Edition]
http://www.amazon.com/How-Get-Out-Debt-Credit-ebook/dp/B004KKXR5Q

Other Sources:  How to Get Out of Debt: Get an “A” Credit Rating for Free
http://bit.ly/GzvFRk (Nook)
http://bit.ly/1ftdKd1 (iTunes)
http://amzn.to/TKNlPl  (Kindle)
http://bit.ly/ZGJy9w (Kobo)


 

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