Financial Literacy for Everyone
Follow Us
FacebookTwitterYouTube
For Broadcasters

Sign up for our weekly email and learn how you can play Jason Alderman's weekly Practical Money Matters on your station. Learn more

Subscribe
Summit 2014

Watch the 2014 Financial Literacy Summit
Watch the Financial Literacy Summit webcast that addressed financial literacy needs of the unbanked and underbanked
View webcast

PMM articles

Practical Money Matters
Disputing a credit card charge? Graduating? Leasing a car? Learn important tips from our weekly article series.
Read now

social media

Connect with us!
For daily money tips, quips and pics, follow us on social media.
Like us on Facebook
Follow us on Twitter

Practical Money Matters Radio Series

January 14, 2013
Tax Strategies in a Tough Economy


What items aren't taxable and where could you be receiving additional deductions? Find out in this radio episode.

Transcript

Taxes are never fun. But if you've had a rough year economically, they can really hurt if you haven't planned accordingly. A few reminders: Unemployment benefits, severance pay and paid-out vacation or sick leave are all considered taxable income, so be prepared to pay tax on them if it wasn't already deducted. The good news is: welfare, food stamps and disaster relief payments aren't taxable. If a lender cancels or "forgives" your debt, it's usually considered taxable income. Exceptions include most mortgage foreclosures and debt that's been discharged through bankruptcy. On the plus side, job search expenses are deductible if you itemize.

Bottom line: Taxes are the last thing you want to worry about when facing financial hardship, so plan ahead.


Related Articles

Email to a friend

Your Name:
Your Email:
Recipient's Email:
Message:
Enter code:


The information that you provide through this e-mail feature will not be stored by Visa for any other purposes. Please refer to Visa's privacy policy for details.