The Income Tax Act combines all your income into five separate categories—known as the “5 heads of income tax”—to provide simplicity of operation and clarity in filling in income taxes.
To help sort through it, here is a list of some common types of nontaxable income. Of course, it's good to consult a trusted tax professional or financial adviser if you are uncertain about your ...
Despite all of this, quite a few kinds of income are deemed tax-free. Here are 18 types of income the IRS can’t touch. The government will demand income tax be paid on a variety of ordinary ...