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Taxable or Non-Taxable Income?

February 17, 2012

This is always a key question during tax season. While most income received is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable. To help you out, the IRS has provided the following list of items that are NOT included as taxable income:

  1. Adoption expense reimbursements for qualifying expenses
  2. Child support payments
  3. Gifts, bequests, and inheritances
  4. Workers' compensation benefits (some exceptions may apply; see Publication 525, Taxable and Nontaxable Income)
  5. Meals and lodging for the convenience of your employer
  6. Compensatory damages awarded for physical injury or physical sickness
  7. Welfare benefits
  8. Cash rebates from a dealer or manufacturer

For the complete article on taxable versus non-taxable income, download and review the IRS’ detailed guide—IRS Publication 525.

POSTED BY KURT RICKHOFF ON 2012-02-16

   

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Your success is our main priority, which is why we work to identify the right blend of services for each client. With Rickhoff & Associates, you will also enjoy our personal approach to doing business. We know that every client has different goals and changing needs, so we work with you throughout the year to offer advice, review your financial status, and ensure there are no surprises at year-end. Professional, personalized, client-focused…Rickhoff & Associates is the new breed of accounting firm.

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