FIGHT FOR $600 Unemployment Extension $400 September! Stimulus Update PUA FPUC Unemployment Benefits

We’ve talked about it on the channel before, and with today’s start of tax season, I thought it would be helpful to mention once again that unemployment benefits from most states are considered taxable income and must be accounted for on your upcoming tax return.

Congrats to everyone living in California, New Jersey, Oregon, Pennsylvania and Virginia, as these are the only states that are completely exempt from unemployment taxes.

According to Goldman Sachs: “economists estimated in a recent analyst note that individuals could owe as much $50 billion in unanticipated federal and state taxes.”

Economist Jan Hatzius explained: “These surprise tax bills would reduce tax refunds or possibly even require net tax payments for vulnerable households, which may force some to cut back on spending.”

Fortunately, the economist believes stimulus relief is on the way, stating: “Regardless, the additional stimulus checks we expect to be passed — which are not taxed — should more than offset surprise tax bills for most households.”

If you collected unemployment benefits last year and did not have taxes taken out, make sure to prepare for a bigger tax bill when filing your 2020 tax return, don’t say I didn’t warn ya.

Meanwhile, we talked about the House approving another round of $1,400 stimulus checks in my earlier video, and I have an update about the huge extended enhanced unemployment benefits that were also given the OK.

The House Ways and Means Committee approved an increase of the weekly FPUC unemployment benefits from $300 to $400, and also agreed with providing these vital unemployment funds through August 29th, at a minimum with potential for the benefits to be extended through September.

According to CNBC: “It would also keep programs expanding benefits eligibility and the number of weeks people can receive unemployment insurance in place through the same date.”

While I’d love to see these benefits extended through September, this is a great starting point for the…