Taxable or Non-Taxable Income?
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. Hare are some common examples of items not included as taxable income:
- Adoption Expense Reimbursements for qualifying expenses
- Child support payments
- Gifts, bequests and inheritances
- Workers’ compensation benefits
- 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,