New Tax Benefits for the Unemployed

If you were unemployed last year and are working on completing your tax return for 2009, there are a number of new tax benefits that can reduce the amount of tax you owe. The first place to look is at unemployment insurance which is normally taxable income. But during 2009, the first $2,400 of unemployment insurance is not taxable. So do not include this amount in your benefit when you complete your taxes.

There are a couple new wrinkles to IRA and 401K laws. You can avoid paying the 10% penalty on … Read more at 2009 Taxes