Did you know…Most types of income are taxable, but some are not. Income can include money, property or services that you receive. According to the IRS, here are some examples of income that are usually not taxable:
• Child support payments;
• Gifts, bequests and inheritances;
• Welfare benefits;
• Damage awards for physical injury or sickness;
• Cash rebates from a dealer or manufacturer for an item you buy; and
• Reimbursements for qualified adoption expenses.
Click here for more information on taxable and nontaxable income.