Although some income isn't taxable, many types of income are. Congress decides what kinds of income will be taxable.
What counts as income subject to tax?
In general, all income is taxable unless the law specifically exempts it. Sometimes, taxpayers receive income without formal documentation. That doesn't matter—if it's taxable, you'll need to report it. Income that's taxable includes:
What counts as income that is not taxed?
I have income subject to tax. What do I need to do?
You'll need to report your income on your tax return (also known as IRS Form 1040). This form will help you calculate the taxes that you owe on your income. Your April tax professional will take care of this form for you. You'll just need to pay whatever taxes you owe.
Why do I have to pay taxes on my income?
Income taxes are a source of revenue for governments. They're used to fund public services, maintain important infrastructure, pay government debts, and provide goods for citizens.
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1. If you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), we will refund any fees you paid us to use our service to prepare that return and you may use our service to amend your return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws.
2. If our tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, April will reimburse you up to a maximum of $10,000.
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