Unemployment Benefits

Individuals receiving unemployment benefits in 2009 can exclude the first $2,400 from their incomes.  The IRS reminded taxpayers about the extension (which, unlike other tax incentives has no income limitations) in March.  The exclusion is only available for 2009.  Individuals who are receiving unemployment compensation can elect to have income tax withheld.  Our office can help you determine if withholding will be beneficial for you.