The Most Common Exclusions Of Taxable Income
Tax is a word known by all. We are basically taxed on everything, although there are a few exclusions. Below are a list of exclusions as of 2012 for gross taxable income. Here is the more basic, partial list.
Accident Insurance Proceeds
Annuities(limited-please check for amounts)
Company rewards for longevity or safety reasons ( up to 400$)
Bequests and Inheritance
Casualty Insurance Proceeds
Child Support Payments
Gifts-primarily non-business related
Disability Benefits (not always)
Group Term Life Insurance Coverage paid by employers up to 50,000$
Health Insurance Proceeds
Life Insurance Proceeds (unless transferred to another person or entity to pay a debt)
Social Security Benefits (Dollar amount limit at which time exceeded, 85% of benefits can be considered taxable income)
Meals and Lodging ( If required by job and circumstances)
Municipal Bond Interest
Scholarships (Tuition, books and other class related supplies only.) Room and board are not included.
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