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Taxable or Non-Taxable Income?

2/8/2012

1 Comment

 
Taxable or Non-Taxable Income? 

Although most income you receive is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable.

The IRS offers the following list of items that do not have to be included as taxable income:

  • Adoption expense reimbursements for qualifying expenses
  • Child support payments
  • Gifts, bequests and inheritances
  • Workers' compensation benefits (some exceptions may apply; see Publication 525, Taxable and Nontaxable Income)
  • Meals and lodging for the convenience of your employer
  • Compensatory damages awarded for physical injury or physical sickness
  • Welfare benefits
  • Cash rebates from a dealer or manufacturer
Some income may be taxable under certain circumstances, but not taxable in other situations. Examples of items that may or may not be included in your taxable income are:

  • Life insurance If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. Life insurance proceeds, which were paid to you because of the insured person’s death, are generally not taxable unless the policy was turned over to you for a price.
  • Scholarship or fellowship grant If you are a candidate for a degree, you can exclude from income amounts you receive as a qualified scholarship or fellowship. Amounts used for room and board do not qualify for the exclusion.
  • Non-cash income Taxable income may be in a form other than cash. One example of this is bartering, which is an exchange of property or services. The fair market value of goods and services exchanged is fully taxable and must be included as income on Form 1040 of both parties.
All other items—including income such as wages, salaries, tips and unemployment compensation — are fully taxable and must be included in your income unless it is specifically excluded by law.

These examples are not all-inclusive. For more information, see Publication 525, Taxable and Nontaxable Income, which can be obtained at the IRS.gov website or by calling the IRS at 800-TAX-FORM (800-829-3676)

Contactanos 214-713-9941

Author: Alicia Molina Public Accountant
contact@regiatax.com

•Alicia Molina es la C E O de la firma REGIATAX GROUP, PC. con más de una década de experiencia tributaria especializada en impuestos de negocios e individuales. A lo largo de su carrera, se ha centrado en simplificar temas tributarios complejos y educar a los clientes para maximizar sus beneficios tributarios y planeación de impuestos. Alicia es responsable de la revisión de las declaraciones de impuestos individuales, federales y multi-estatales. Además de representar a los clientes en las auditorias y resoluciones de problemas fiscales ante el IRS. Provee asesoría de negocios y a su vez incorpora a las empresas a nivel estatal y federal para clientes nacionales e internacionales. Alicia es asesora profesional del programa contable Quick Books e imparte clases del mismo. Alicia tiene una Licenciatura en Ciencia y Contabilidad De la Universidad de Texas en Dallas, es un preparador de impuestos con licencia federal que tiene derechos ilimitados para practicar ante el IRS, ella ha sido reconocida por el Programa del IRS VITA por sus contribuciones a la comunidad por su trabajo en los centros de asistencia de impuestos para contribuyentes de bajos recursos.
1 Comment
Matesino link
7/16/2012 09:02:32 pm

Good info dude

Reply



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