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Posted on Mar 30, 2020

Borshoff Consulting, LLC

Taxable & Non-Taxable Income: What’s the Difference

The recent Tax Cuts and Jobs Act saw the corporate income tax rate declining from 35% to 21%. Taxation of income has significant benefits on the American economy. However, it is essential to note that not all income is taxable.

Income can be in the form of services, property, or money. The IRS has outlined the different taxable and non-taxable income succinctly. Understanding these distinctions in income taxes is essential.

If you want to know the difference between taxable and non-taxable income, you’re in the right place. This comprehensive guide will outline everything you need to know about taxable and non-taxable income.
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