For those living in the United States, we know Uncle Sam won’t escape a penny from taxes, regardless of your immigration status. What few know is that the Internal Tax Service (IRS) does not record all income; there are several exceptions that can allow you to get some money without having to pay taxes. Here we list the 16 most important payments that are released from the tax.
If you received any of these payments during the year, keep documents explaining where the money came from and how it was delivered. An amount that seems to be tax-free may have special rules, and declaring correctly from the outset can avoid problems with the IRS.
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