What Income Is
types of income are taxable, but some are not. Income can
include money, property or services that you receive. Here are
some examples of income that are usually not taxable:
- Child support payments;
- Gifts, bequests and inheritances;
- Welfare benefits;
- Damage awards for
physical injury or sickness;
- Cash rebates from
a dealer or manufacturer for an item you buy; and
for qualified adoption expenses.
- Some income is not
taxable except under certain conditions. Examples include:
Life insurance proceeds paid to you because of an
insured person’s death are usually not taxable. However, if
you redeem a life insurance policy for cash, any amount that
is more than the cost of the policy is taxable.
Income you get from a qualified scholarship is
normally not taxable. Amounts you
use for certain costs, such as tuition and required course
books, are not taxable. However, amounts used for room and
board are taxable.
All income, such as wages and tips,
is taxable unless the law
specifically excludes it. This includes non-cash income from
bartering, such as the exchange of property or services. Both
parties must include the fair market value of goods or
services received as income on their tax return.
If you received a refund, credit or offset of state or local
income taxes in 2012, you may be required to report this
amount. If you did not receive a 2012 Form 1099-G, check with
the government agency that made the payments to you.
That agency may have made the
form available only in an electronic format. You will need to
get instructions from the agency to retrieve this document.
Report any taxable refund you received even if you did not
receive Form 1099-G.
Questions? Give us a call at 925-634-2344. We're happy to
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Would You Give Me Your
Feedback & Testimonial
on Our Hotline?
Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
number that I would like for you to call and tell me how you
think we are doing as your CPA firm.
Just dial 800-609-9006
extension 3638 and follow the instructions. If we’ve
done a good job please let me know. And if we can
improve on anything, please mention that too.
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or on our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,