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Taxable Income

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Winning the Mini-Powerball (a.k.a. Getting a tax refund)

By Mark Foster Did you know that last year the average tax refund was $3,034? Oftentimes when people get a large tax refund, it’s treated like a little lottery winning. We have seen people get a large refund of $3,000, $4,000 or more but spend it all within a few months and not improve their financial situation much, if at all. It’s okay to have some fun with your money – …Read More

Why Did I Receive a 1099-C From My Credit Card Issuer?

By John Ulzheimer By now you’ve probably started receiving your tax-related forms. Most of you will receive form W2, which is sent by your employer and memorializes your income earned for tax year 2014. Some of you, like me, will receive one (or several) 1099s. A 1099 is sent to people who do contract work as a non-employee. And some of you will unfortunately receive form 1099-C.   What is …Read More

Retiring Soon? Don’t Forget Tax Implications

By Jason Alderman If your retirement is not far off you’ve probably already started to estimate what your living expenses will be after the regular paychecks stop. Most would-be retirees remember to include routine expenses like housing (rent or mortgage), medical bills and prescriptions, insurance premiums, transportation – even food and entertainment. But don’t forget to factor in taxes, which can have a substantial impact on your cost of living, …Read More

‘Innocent Spouse Relief’ Protects Against Tax Fraud

By Jason Alderman I’ll wager that when most brides and grooms utter the phrase, “For better or for worse,” the “worse” they’re imagining probably involves situations like getting laid off or a prolonged family illness – not being the victim of tax fraud perpetrated by a current or former spouse. Married couples typically file joint tax returns because it lets them take advantage of certain tax credits and other benefits …Read More