Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
nofx
Level 1

New business and unemployment

If I am starting a new business while on unemployment when should I stop filing? When we open?

1 Best answer

Accepted Solutions
AdamNe
Employee Tax Expert

New business and unemployment

Hello @nofx !

 

Congrats on your new business! 

 

In most states, you are required to disclose your income each week to the unemployment department so they can determine your eligibility for benefits. You will want to make sure you accurately account for any income you have as your business opens and claim it via the continuing claim process set up by your state. 

 

In many states, you can leave your claim open even if you are ineligible for benefits due to getting too much income in a given week. That way, you still have the claim open for weeks when you don't receive income. You'll want to check with your state's unemployment department for the specific rules regarding income and self-employment when it comes to claim eligibility. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
AdamNe
Employee Tax Expert

New business and unemployment

Hello @nofx !

 

Congrats on your new business! 

 

In most states, you are required to disclose your income each week to the unemployment department so they can determine your eligibility for benefits. You will want to make sure you accurately account for any income you have as your business opens and claim it via the continuing claim process set up by your state. 

 

In many states, you can leave your claim open even if you are ineligible for benefits due to getting too much income in a given week. That way, you still have the claim open for weeks when you don't receive income. You'll want to check with your state's unemployment department for the specific rules regarding income and self-employment when it comes to claim eligibility. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v