unemployment taxes

Job Loss and Your Taxes

Posted on 01/8/2013 by |Online Executive Producer | Comments

WorkThe following is a guest post by Alan Kalman. Job loss can affect your tax situation in many ways. Here are some things to keep in mind as you are preparing to file your taxes. Your employer may provide you with severance pay or accrued vacation pay or accrued sick pay. These payments are all taxable compensation. A large severance check could easily bump you into a larger tax bracket. If you qualify for and receive unemployment compensation benefits, these …