Bonnie's Tax Service

The flow of unemployment rate is jumping with the editions of Merrillat in Woodstock and the Genie Plant in Shenandoah, Va. laying off around 200 employees. The Workforce Center in Luray, Va. has found a way to help combat the rising unemployment by grabbing whatever piece of the pie of the Stimulus Package that President Obama signed into law earlier this year from Governor Kaine. What the Workorce Center is trying to do is to use that money to offer employers incentives to hire more people. Certain business locally are currently afraid to hire at the moment due to the status of the economy.

There is alot of misconceptions that if you are unemployed that you do ot have to file taxes. According to Uncle Sam, you may have to. If you were unemployed in 2008, we have some FAQ's that may help.

With the unemployment rate rising to a 16 year high a 7.2% on Friday, Senate Democrats convened a rare weekend meeting to hash out President-elect Barack Obama's $775 billion economic stimulus proposal. Obama and key advisers have tried to sell their stimulus all week. Aides say tax relief could total about $300 billion. The main part of the bill is a $500 tax cut for middle-class workers or $1,000 for families. Don't expect that in a check. Rather, it will be used for lowering federal withholding taxes in future paychecks. The reason behind this is because last years $600 stimulus checks was mostly being used to pay off debt intead of spending it in the economy. Another highlight of the Obama proposals is a tax credit for employers who retain or hire more workers.