Is all my Income Taxable?
* Money received as a loan.
* Gifts and inheritances.
* Child support received.
* Welfare benefits.
* Worker’s compensation (generally).
* Damages received for physical injury or sickness.
* Cash rebates from purchases.
* Meals and lodging for the convenience of the employer on employer’s premises.
Some sources of money that may or may not be taxable depending on the circumstances:
* Life insurance proceeds.
* Scholarship grants.
One source of income that is often overlooked is generated by bartering. If you trade goods or services for other goods or services with another person, both of you need to report the fair market value of the goods or services as income on your tax return.
This list is by no means all inclusive. If you need additional information about tax, business, or financial matters, please contact us.
Blog
The Latest Insights
from Rodrigues, Drum & Company
A Comprehensive Guide to Emergency Preparedness
A Comprehensive Guide to Emergency PreparednessEmergencies can strike at any...
The new BOI reporting requirements, effective January 1, 2024
The new BOI reporting requirementsThe new BOI reporting requirements, effective...
End of Year Bonuses
End of Year BonusesWith the end of the year fast approaching, many companies issue...