Clarksville, TN Online: News, Opinion, Arts & Entertainment.


Topic: Taxable Income

IRS Clarifies Taxable and Nontaxable Income

 

Internal Revenue Service - IRSWashington, 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 the rest of this article»

Sections: News | No Comments
 

IRS gives Six Important Facts about Dependents and Exemptions

 

Internal Revenue Service - IRSWashington, D.C. – Do you have questions about who you can claim as a dependent on your tax return? Does each person on your return qualify for an exemption?

The IRS has six important facts about dependents and exemptions that will help you file your 2012 tax return. «Read the rest of this article»

Sections: News | No Comments
 

IRS says Don’t Overlook the Benefits of Miscellaneous Deductions

 

Internal Revenue Service - IRSWashington, D.C. – If you are able to itemize your deductions on your tax return instead of claiming the standard deduction, you may be able to claim certain miscellaneous deductions. A tax deduction reduces the amount of your taxable income and generally reduces the amount of taxes you may have to pay.

Here are some things you should know about miscellaneous tax deductions:

«Read the rest of this article»

Sections: News | No Comments
 


Are Your Social Security Benefits Taxable?

 

Internal Revenue Service - IRSWashington, D.C. – The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA-1099 which will show the total amount of your benefits.

The information provided on this statement along with the following seven facts from the IRS will help you determine whether or not your benefits are taxable. «Read the rest of this article»

Sections: News | No Comments
 

Taxable or Non-Taxable Income?

 

Internal Revenue Service - IRSWashington, 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 the rest of this article»

Sections: News | No Comments
 



  • Visit Us On FacebookVisit Us On TwitterVisit Us On PinterestVisit Us On YoutubeCheck Our FeedVisit Us On Instagram
  • Personal Controls