![]() ![]() ![]() You are generally taxed on income that is available to you, regardless of whether it is actually in your possession.Ī valid check that you received or that was made available to you before the end of the tax year is considered income constructively received in that year, even if you do not cash the check or deposit it to your account until the next year. A list is available in Publication 525, Taxable and Nontaxable Income.Ĭonstructively-received income. Income that is nontaxable may have to be shown on your tax return but is not taxable. Income that is taxable must be reported on your return and is subject to tax. ![]() Generally, an amount included in your income is taxable unless it is specifically exempted by law. Other steps may be appropriate for your specific type of business. The information on this page should not be construed as all-inclusive. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. This section discusses many kinds of income that are taxable or nontaxable. You can receive income in the form of money, property, or services. ![]()
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