BILOXI, Miss. (WLOX) - As the pandemic continues, unemployment is still high in the state of Mississippi, meaning some of you may have to pay extra attention to your taxes. The pandemic left some people with limited amount of money.
“I got government weekly checks, but I didn’t realize they had different tax implications later down the road that would come back to bite me.” said Biloxi resident Robert McKee.
Michael Strojny, financial advisor, said he’s been getting a lot of phone calls about how to file for unemployment.
“Yes, there’s been several.” said Strojny.
But he has tips to ease most concerns, like asking the state to withhold money from your unemployment check, that way your federal income taxes will be covered.
“I would tell him, ‘Oh, it looks like you’re going to owe percent,” said Strojny. “And then they could have told when they got their unemployment withhold 20%. If they did that, then they wouldn’t owe any tax it would already be paid.”
Another option is paying some of what you owe now by making quarterly estimated payments.
“The next one is June 15, and the next one was September 30 and last one is January, 15 of this year for your for orders.” said Strojny.
But if you do nothing now, expect a big payment April 15th. Overall, Strojny said the early bird catches the worm.
“Whether you owe, or think you owe, get in as early as possible,” said Strojny. “I have a feeling that there’s going to be a pandemonium around April 15th.”