NEW YORK (CNN/Money) - If you're among those who have lost a job in the recession, you've no doubt got a lot on your mind -- whether it's searching for a new employer or just getting those monthly bills in on time.

One thing you may not have considered, however, is the tax implications that layoffs can have. Come April 15th, your federal return could look vastly different than it did while you were working for the man.

"When preparing their [2002] return, there are some basic tax planning issues unemployed people don't often think of," said Eric Tyson, author of Taxes for Dummies. "People need to be mindful of what tax bracket they're in, which may...have changed."

The following provides a snapshot of the five most significant hurdles that unemployed filers will face this year.

If you weren't paying attention, the biggest shock may involve the unemployment checks you collected every month. Many fail to realize that unemployment benefits are considered taxable income.

"I would urge people to make sure that income tax is coming out of their unemployment checks," said tax professional Frank Degen, of Setauket, NY.

If you failed to have money taken out of those checks last year, you could face a whopping tax liability on your 2002 returns.

How much you would owe depends on your tax bracket. If unemployment was your only income last year, it might escape taxation completely. If you have a spouse who brought in other income, the amount you'd owe could be as high as 38.6 percent, if you're married filing jointly.

By the way, those who had their unemployment benefits restored under new legislation, passed January 7, 2003, won't pay the Feds any taxes on them this April -- they only affect your 2003 tax bill.

Anyone who received severance pay also should consider its effect on their adjusted gross income (AGI). "If you got a fat severance check at the end of the year, take a look and make sure you are in the same tax bracket," said enrolled agent David R. Bergmann, in Marina del Rey, Calif., who noted that some packages are worth tens of thousands of dollars, which could bump you into the next tax bracket.

You may also be able to claim deductions that you hadn't qualified for before.

For example, all taxpayers are allowed to deduct out-of-pocket medical expenses that exceed 7.5 percent of their AGI. But many Americans don't hit that threshold because their employer pays for the bulk of their care through insurance. Plus, they bring in a paycheck all year long, which boosts their AGI.

Unemployed individuals, however, who pay for their own benefits under COBRA (Consolidated Omnibus Budget Reform Act) can often exceed the 7.5 percent threshold and claim a deduction.

COBRA allows you to continue your health plan at your own expense if you're laid off. It can easily cost $700 a month for a family of four, said Larry Levitt, vice president of the Kaiser Family Foundation. That's because you're now paying the entire cost of insurance yourself. Most employers usually pay 70 to 80 percent of your premium.

"If the total amount they pay for COBRA exceeds 7.5 percent of their AGI, some of what they paid that year becomes tax-deductible," said Tony Bardi, an enrolled agent in Gresham, Ore.

As always, keep track of what you pay for coverage -- not to mention your other medical receipts.

Bergmann also noted that if you need to continue paying health-care premiums under COBRA, you're eligible to withdraw money from your IRA and 401(k) plans -- without paying the 10 percent early withdrawal penalty -- if you can prove you're "chronically unemployed" - i.e., you have the prospect of being unemployed for more than one year.

If you're on the hunt for a new position, some of your job search expenses may also be tax deductible under the miscellaneous expenses clause. That kicks in if you itemize your taxes and if qualified "miscellaneous expenses" exceed 2 percent of your adjusted gross income, Bardi said.

Those expenses can include long-distance phone calls, resume services, copy and printing charges, postage and travel expenses. And don't forget that it's easier to reach -- and exceed -- that 2 percent threshold than it would have been had you worked all year, because your overall income is significantly lower.

A word to the wise, though: You can only deduct job-search expenses if you are seeking a position in the same trade or business. You will not get a tax break if you are looking for your first job or if you're switching careers.

Your tax return could get tricky, too, if you performed any temporary consulting work between jobs, said tax experts at CCH Inc. That's because you're officially considered self-employed during that time in the eyes of Uncle Sam. As such, you're required to pay income tax, and if you made more than $400, you also pay Social Security, Medicare and SECA (Self-Employment Contributions Act).

SECA is analogous to FICA (Federal Insurance Contributions Act) for the self-employed. When you were employed, you paid only 7.65 percent of your AGI in FICA tax and your employer kicked in the other 7.65 percent. If you're paying SECA, you'll have to cough up the entire 15.3 percent yourself.

Before you accept new consulting jobs this year, do the math to determine whether it's worthwhile. If you're only doing a few, low-income projects, you may not make much more -- if any -- than what you'd receive in unemployment after you pay the necessary income taxes.

"A lot of people who get laid off from corporate jobs end up doing some freelance work," said Tyson. "But people who are coming from a job with a paycheck are not knowledgeable about the expenses they can file on Schedule C. They should familiarize themselves with those deductions. If they have considerable self-employment income, they can set up a Keogh or SEP IRA to shelter some of the income from taxes."

--This story was originally published February 18, 2002. It was updated January 13, 2002.