“Income is income from whatever source.” That is the age-old, IRS’ definition of taxable income under the tax code. Essentially, incomes from all sources are taxable, unless specifically exempted by the law. Whether you earn it through a salary, hourly…
Section 61 of the Tax Code states that “except as otherwise provided in this subtitle gross income means all income from whatever source derived”. Thus, the federal tax law requires taxpayers to pay income taxes on earnings, commissions, rents, royalties,…