Test: Familiarize Yourself with Income Exempt from Taxation
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Subscribing to Kiplinger's e-newsletters can help you save up to 74% in profit and prosperity. The articles cover a variety of topics, including the seven types of income that are not taxed by the IRS. These include gifts and inheritances, life insurance proceeds received upon death, municipal bond interest, child support payments, welfare benefits, workers' compensation, and certain disability benefits.
The IRS generally exempts these types of income from federal income tax, but it's essential to stay informed about the latest changes and updates. With Kiplinger's e-newsletters, you can receive expert advice straight to your e-mail, helping you make informed decisions about your finances.
In addition to the informative articles, Kiplinger's also offers a tax quiz on nontaxable income. Regular readers of the article should find the quiz easy due to previous coverage of the topic. After taking the quiz, links are provided below to refresh your memory on the topic.
Moreover, the e-newsletters can help you stay updated on the latest financial news, such as the recent 'No Tax on Tips' bill that has been approved. This bill exempts tips from federal income tax, which could significantly impact those in the service industry.
Lastly, subscribing to Kiplinger's e-newsletters is free, making it an accessible and affordable way to stay informed about your finances. Whether you're a seasoned investor or just starting out, Kiplinger's e-newsletters can help you achieve financial prosperity.
So why wait? Subscribe to Kiplinger's e-newsletters today and start your journey towards financial success! The article is from the Kiplinger team, and you can subscribe to their e-newsletters by visiting their website.
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