Business Income
Business owners and self-employed taxpayers must report all income from their business unless the law specifically excludes it. Business income is taxable.
| 1 year ago | Do You Barter?
Monica Baker describes what you may not know about bartering.
| 3 months ago | Tax Consequences of Canceled Debt
Cancellation of debt income is taxable as ordinary income. The Internal Revenue Code Section 61 provides that gross income means all income from whatever source derived. This code section specifically includes “income from discharge of indebtedness” as an item of gross income from cancellation of credit card debt, foreclosure of personal residence, or cancellation of an automobile loan.
| 1 year ago |
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