Severance Pay and Your Taxes
Severance pay is very helpful in getting through the transitions process of losing one job and finding another. Some people are not lucky enough to get that and have to go the other route of collecting unemployment.
The IRS has published a list of job loss tax related issues which you will want to educate yourself with. Tax Returns Temecula has skilled associates to walk you through the list and find which ones apply to you. If you are receiving money in the form of severance or unemployment pay, you will want to put aside an estimated tax amount so when it comes time to file, you will have enough to cover your possible payment to the IRS. The CPA will also help you fill out the correct forms and try to minimize your liabilities on your tax return.
