Tag Archives: Taxable Income

If you have miscellaneous deductions that exceed 2% of your adjusted gross income (AGI) you may qualify to claim them on your tax return. Usually the different types of costs can fall under the miscellaneous deductions category, and be subject to the limitation of 2% of your AGI: Tax preparation fees, any employee expenses that […]

Is Interest Taxable?

Interest bearing accounts can help you add a little bit extra to your savings. However, if you are able to withdraw the funds without any type of penalty, then you should be aware that interest paid to those funds is considered taxable income for the year you made it available. Interest will be reported on […]

One fact to remember when trying to figure out the difference between taxable and non-taxable income is that not all income is specifically excluded by to be taxable. Pretty much any tips or wages made from employment is considered taxable income. Also income gained from services and/or property, no matter if it is cash or […]