IRS Publication 525 - Taxable And Nontaxable Income


DEFINITION of 'IRS Publication 525 - Taxable And Nontaxable Income'

A document published by the Internal Revenue Service (IRS) detailing what types of income taxpayers should consider taxable or nontaxable when filing a return. IRS Publication 525 outlines how employees are to treat income from retirement plans, stock options and fringe benefits; how certain employee types, such as military personnel and clergy, report income; how to report income from business partnerships or investment real estate; how to treat disability, sickness and other benefits.

BREAKING DOWN 'IRS Publication 525 - Taxable And Nontaxable Income'

A taxpayer's income can come from a number of sources other than regular employment, and can include exchanges of property or even bartering. Unless a type of income is specifically exempted from taxation by law, it will be considered taxable income.

  1. Income Tax

    A tax that governments impose on financial income generated by ...
  2. Taxable Income

    The amount of income that is used to calculate an individual's ...
  3. Exempt Income

    Certain types or amounts of income not subject to federal income ...
  4. Tax Return

    1. The tax form or forms used to file income taxes with the Internal ...
  5. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  6. Earnings Stripping

    Earnings Stripping is a commonly-used tactic by multinationals ...
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  1. How and where is revenue recognized from barter transactions?

    Not all transactions of goods or services involve a monetary medium, such as dollars. Sometimes, companies exchange saleable ... Read Full Answer >>
  2. Are catch-up contributions included in the 415 limit?

    Unlike regular employee deferrals, catch-up contributions are not included in the 415 limit. While there is an annual limit ... Read Full Answer >>
  3. Do tax brackets include Social Security?

    A portion of your Social Security benefits may be subject to federal taxation using tax brackets. Your tax bracket is determined ... Read Full Answer >>
  4. Are personal loans tax deductible?

    Interest paid on personal loans is not tax deductible. If you take out a loan to buy a car for personal use or to cover other ... Read Full Answer >>
  5. Can a Flexible Spending Account (FSA) be used for Lasik?

    The owner of a Flexible Spending Account (FSA) can use money from the account on various eye surgery procedures, including ... Read Full Answer >>
  6. Does a Flexible Spending Account (FSA) cover braces?

    Funds from a Flexible Spending Account (FSA) can be used to cover costs associated with installing, maintaining and removing ... Read Full Answer >>

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