Taxable and Non Taxable Income

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Presentation transcript:

Taxable and Non Taxable Income

What is Taxable Income Taxable Income is most realized as wages, salaries, bonuses, commissions, tips, Interest earned from savings or loans to others, Rent proceeds, Capital gains (profit) from sale of real estate property or equipment, Inheritance and Stock dividends. Review the following lists for other details and taxable income: https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-Taxable-Income- /INF15613.html

What is Non Taxable Income? Non Taxable Income is not taxed whether or not it is entered on your tax return or not. The following items are deemed nontaxable by the IRS: Inheritances, gifts and bequests Cash rebates on items you purchase from a retailer, manufacturer or dealer Child support payments Most healthcare benefits Money that is reimbursed from qualifying adoptions Grants/Scholarships Welfare payments Government Benefits

Reporting Income Appropriately Avoid costly penalties and interest charges Provides financial support for cost of operating programs and services provided by government entities.