IRS Clarifies Taxable and Nontaxable Income

Washington, D.C. – Most types of income are taxable, but some are not. Income can include money, property or services that you receive.

All income, such as wages and tips, is taxable unless the law specifically excludes it. This includes non-cash income from bartering – the exchange of property or services. Both parties must include the fair market value of goods or services received as income on their tax return. [Read more]

Taxable or Non-Taxable Income?

Washington, D.C. – Generally, most income you receive is considered taxable but there are situations when certain types of income are partially taxed or not taxed at all.

To help taxpayers understand the differences between taxable and non-taxable income, the Internal Revenue Service offers these common examples of items not included as taxable income: [Read more]