Income You Should Report on Your Taxes–But Likely Don’t

TWL_2016_Feb_Blog1As you get ready to file your taxes this season, keep in mind that income from your employment is not the only income the IRS requires you to report on your tax return. According to Forbes, many taxpayers overlook income from sources like hobbies, garage sales, odd jobs, and even small lottery ticket winnings. This oversight could cost you interest and penalties if the IRS audits you. In the eyes of the IRS, all income is taxable. Surprisingly, that income does not have to come in the form of cash. Barters and trades are also taxed at their market value. That means if you painted someone’s home and in exchange they designed a website for you, you are responsible for reporting the value of the website design as income.

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