7 Types of Income You Don’t Have to Pay Taxes On

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TWL_2016_Feb_Blog7Now that tax filing season is among us, we are all keenly aware of all the ways the IRS can tax our income. But did you know that certain income is actually exempt from taxing? According to a recent article in U.S. News & World Report, there are seven types of income Uncle Sam will not tax. One of those forms of income is child support. Provided it is not classified as an alimony payment, child support is not taxable. Another form of income the IRS will not take a bite out of is a life insurance payout—provided that you receive the payout as a lump sum payment.

To learn more, read the entire article.

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