Are You "Prepared" for the Approaching Tax Deadline?
With just about a month left until the 2017 tax filing deadline, which happens to be on April 17th this year (see our blog post Tax Return Basics to learn why), it's time to get your taxes prepared and filed if you haven't done so already.
For Legal Club Family Protection Plan members, professional tax preparation by a Certified Public Accountant (CPA) is free. You can learn more about the Family Protection Plan here.
What is Taxable Income?
A guide to Taxable Income Courtesy of our Partners at TaxRite.
If you've recently prepared your taxes, or still need to, you may be wondering if there is a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that.
Taxable income includes any money you receive, such as wages and tips, but it can also include non-cash income from property or services. For example, both parties in a barter exchange must include the fair market value of goods or services received as income on their tax return.
Here are some types of income that are usually not taxable:
In addition, some types of income are not taxable except under certain conditions, including:
Important Reminders about Tip Income
If you get tips on the job from customers, that income is subject to taxes. Here's what you should keep in mind when it comes to receiving tips on the job:
Bartering Income is Taxable
Bartering is the trading of one product or service for another. Small businesses sometimes barter to get products or services they need. For example, a plumber might trade plumbing work with a dentist for dental services. Typically, there is no exchange of cash.
If you barter, the value of products or services from bartering is taxable income. Here are four facts about bartering that you should be aware of:
Any accounting or tax advice contained in this communication is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.
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