Non Taxable Income: A Short List to Ease Your Worries

Report your income…Normally any money you receive during the year has to be reported on your income tax filings. This includes paychecks, interest on accounts, and any kind of withdrawal from accounts such as 401k or pension. However there is a fairly significant list of income sources that do not have to be reported as income on your tax return, and therefore are considered non taxable.
Why is this money not taxed? In general they’re not taxed because they don’t actually increase your personal income, nor can the money be used for personal use in order for the money to remain non taxable. And of course the IRS has restrictions.
The following sources of income are considered non-taxable:
The tip of the iceberg…Of course this is only a sampling on non taxable sources of income, there are many more available at www.irs.gov .
Now you have the smoking gun…Use it!