The first thing that comes to mind when talking about “taxable income” is usually wages, salaries, and commission. However, it actually encompasses much more - essentially anything unless specifically stated by law that it is not taxable. Fun, we know. Aside from your wages, the following are examples that fall under this category:
Any compensation for personal services (helping someone move, etc)
Winnings from gambling
Employee awards and cash prizes
Farm income Income from a hobby
Life insurance interest
Fees from jury duty
Military pay and military pension
Unemployment benefits or unemployment compensation
Rewards Taxable grants or university scholarships
Any profit from a sale
Did we miss an example? Comment below and let us know some more!
These free resources should not be taken as tax or legal advice. Content provided is intended as general information. Tax regulations and laws change and the impact of laws can vary. Consult a tax advisor, CPA or lawyer for guidance on your specific situation.