What parts of my worldwide income are taxable by the IRS?


 

The IRS considers many aspects of your income as taxable, here is a rough list of compensation items you need to include;

  • Basic salary
  • Call back, standby and overtime income
  • Airfare allowances and home leave
  • Administration allowances
  • Transportation and internet allowances
  • Education assistance
  • Settling-in allowance
  • All other cash or benefits received in-kind

Examples of some income that generally isn't taxed;

  • Reimbursement of business expenses
  • Moving expenses as long as they are dollar for dollar
  • Living away from home expenses
  • A lump some that you don't have to account for can be considered taxable income.

 

 

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Date published: 07/20/2016