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
*These lists are not inclusive and other items may fall under these categories