Income: Taxable vs. Non-Taxable

You can receive income in the form of money, property or services.  Although most income you receive is taxable and must be reported on your federal income tax return.  There are some instances when income is specifically exempted by law and not taxable.   Some income may still need to be shown on your tax return even though it is not taxable, while some may only be partially taxed.  One thing is for sure – knowing the difference could be the key to reducing your tax liability.

 

The IRS offers the following list of items that do not have to be included as taxable income: [Read more…]