The accountants at Mobile Accounting Solutions & Financial Services often get clients that are unsure as to what taxable and non-taxable income. Taxable income is income that is taxed. In contrast non-taxable income doesn’t have to be taxed depending on certain conditions.
Our accounting firm has put together a list of items that can be considered as taxable and non-taxable.
- Unemployment compensation
- Rental income
- Notary fees
- Social security benefits
- Traditional IRA distributions
- Prizes, awards, gambling winnings, and illegal income
- Most inheritances
- Child support
- Welfare payments
- Workers’ compensation
Our accountant always recommends the help of an experienced accounting firm to assist you with your taxes to ensure that your filing is in line with regulations and procedures. We offer mobile accounting services which means we come to you! Partner with a company that you can depend on for your accounting needs!
*These lists are not inclusive and other items may fall under these categories