Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Here are some examples of income that are usually not taxable:
Some income is not taxable except under certain conditions. Examples include:
All income, such as wages and tips, is taxable unless the law specifically excludes it. This includes non-cash income from bartering - the exchange of property or services. Both parties must include the fair market value of goods or services received as income on their tax return.
If you received a refund, credit or offset of state or local income taxes in 2012, you may be required to report this amount. If you did not receive a 2012 Form 1099-G, check with the government agency that made the payments to you. That agency may have made the form available only in an electronic format. You will need to get instructions from the agency to retrieve this document. Report any taxable refund you received even if you did not receive Form 1099-G.
For more information and examples, see Publication 525, Taxable and Nontaxable Income. The booklet is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Additional IRS Resources:
October 10 (Employees who work for tips)
If you received $20 or more in tips during September, report them to your employer - Details
October 13 (Everyone)
Federal Holiday (Columbus Day) - Details
October 15 (Individuals)
If you have an automatic 6-month extension to file your income tax return for 2013, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due - Details
October 15 (Partnerships)
Electing large partnerships: File a 2013 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension - Details