Sullivan & Company - Certified Public Accountants 4709 Montgomery Lane #201 - Bethesda, MD, 20814 Phone: 301-657-8080

       

 

Paul Sullivan, CPA

Sullivan & Company

 

Call our Testimonial Hotline & give us your feedback at:

 

800-609-9006 extension 6779

 

What Income is NON TAXABLE?

 

Generally, you are taxed on income that is available to you regardless of whether it is actually in your possession.  But there are some situations when certain types of income are partially taxed or not taxed at all. A complete list is available in IRS Publication 525, Taxable and Nontaxable Income.

 

Some common examples of items that are not included in your income are:

  • Adoption Expense Reimbursements for qualifying expenses

  • Funding of your Health Savings Account with a one-time direct transfer from your individual retirement plan, health reimbursement account or health flexible spending account.

  • Child support payments

  • Gifts, bequests and inheritances

  • Workers' compensation benefits

  • Meals and Lodging for the convenience of your employer

  • Compensatory Damages awarded for physical injury or physical sickness

  • Welfare Benefits

  • Cash Rebates from a dealer or manufacturer

 

Click here for examples of items that may or may not be included in your income and the rest of the article.

 


 

Why A SIMPLE Retirement Plan If You're Self-Employed


Out of all the types of retirement plans available to small business owners, the SIMPLE plan is the easiest to setup and least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees.

 

SIMPLE plans work well for small business owners who don't want to spend time and high administration fees associated with more complex retirement plans. SIMPLE plans really shine for self-employed business owners.

 

Find out why by clicking here to read the full article. It and more are on our web site, available to you at any time.

 


 

Tips for Recently Married or Divorced Taxpayers

 

Newlyweds and the recently divorced should ensure the name on their tax return matches the name registered with the Social Security Administration. A mismatch could unexpectedly increase a tax bill or reduce the size of any refund.  Click on this link to find out why.

 

Call our offices if you have any questions about these or any other accounting related issues, at 301-657-8080. 

 

Regards, Paul Sullivan, CPA

 

 
 

August 2009 Articles

Click here to review


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