is now 
A general rule to consider is if you’re earning income, you’ll owe some amount of taxes on it. Remember, income includes not only money, but also
property and services.
Even unemployment benefits are categorized as income and are taxable. Though there are some important exceptions to the rule to review as taxpayers compile their income statements for this tax season.
Here’s a quick review of a few key income resources that are not taxable:
- Welfare benefits
- Damage awards for physical injury or sickness
- Child support payments
- Most gifts, bequests and inheritances
- Cash rebates from a dealer or manufacturer
- Reimbursements for qualified adoption expenses
Sometimes taxpayers are confused about life insurance proceeds. Generally, life insurance proceeds paid to you following the death of an insured person are not taxable, but if you redeem your own life insurance policy for cash, any amount you receive above the cost of the policy is taxable.
For details on all taxable income, click here for the latest information.
