When filing your tax return, be aware that not all income is taxable. Some income is partially taxed or not taxed at all. Here are just some of the nontaxable items: qualifying adoption expense reimbursements; child support payments; gifts, bequests and inheritances; workers’ comp benefits; compensatory damages awarded for physical injury or physical sickness; cash rebates from a dealer or manufacturer; tax-exempt interest from municipal bonds; life insurance proceeds paid to you because of the death of an insured person (unless the policy was turned over to you for a price); and tax exempt bond mutual funds (although this interest isn’t taxable, it must be reported on your return). Contact us for additional information. © 2023
07
Jul