10 Tips For the Unemployed
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Keep up with your taxes
Unemployment compensation is taxable. So are payments for severance, accumulated vacation or sick time. Make sure that enough taxes are withheld from these payments or that you make estimated tax payments. Otherwise you could face a cash crunch come April 15 and also possibly incur underpayment penalties. The same goes if you sell stock at a gain or if you take money out of a retirement account to make ends meet, warns Richard Petrucci Jr., a lawyer with Baystate Financial in East Providence, R.I.
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