DID YOU KNOW UNEMPLOYMENT COMPENSATION IS TAXABLE?

The IRS would like to remind those of you receiving unemployment compensation, you can have the tax withheld from your benefits now to help avoid owing taxes on this income when you file your federal income tax return next year. To do this, you need to fill out Form W-4V, Voluntary Withholding Request. Give the form to the agency paying you the benefits. (Form W-4V is available on the IRS website www.irs.gov)

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