New in estimated taxes for 2009: certain unemployment compensation can be excluded from income.
According to the IRS,
You can exclude from income the first $2,400 of unemployment compensation you receive.
Also, if you receive any of the following benefits:
- social security
- supplemental social security
- railroad retirement benefits
- veterans disability compensation or pension benefits
Then you will receive an economic recovery payment of $250. (This is not included in your income.)
The above are just two of the almost 30 scenarios in which the IRS has released new rules for estimated taxes in 2009. I invite you to check back here every day over the coming weeks as we explain each and every change.
As always, I look forward to your feedback.
