A job loss is bad but the tax implications could make it worse
- Details
- Published: Friday, 08 March 2024 12:47
- Written by Phillip Strickler, CPA.CITP
Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances.