Tax Topic 3 - Taxable and Nontaxable Income

Income can be received in the form of money, property or services. It is usually received as employee wages, fringe benefits, bartering, thorough partnerships, corporations (including S corporations), and royalties. Other items of income are disability pensions, insurance proceeds, and welfare and other public benefits. Usually income that is taxable is income that is received in exchange of services. Others are specifically includable by law. In this tax topic you will learn about the different kinds of income and whether they are taxable or nontaxable.

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Revised: 01/18/16