Taxes And Finance Income The IRS Can’t Touch
Willits News, The (CA)
Wouldn t it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Here are several types of income that the IRS does not tax.
1. Tax-free interest. The federal government does not tax municipal bond interest. This includes bonds issued by a state or municipality. The tax-free benefit increases the higher your income, but caution must be taken to ensure the underlying municipality is not in dire financial condition.
2. Health insurance premiums. Most health insurance premiums are tax free (for now). This could change in the future to help pay for health care reform, but for most people this benefit can currently be paid using pre-tax dollars.
by Alan Stamm This semester could be the last for an ultra-selective campus group at the University of Michigan that began early last century. The 25-member organization, Order of Angell, is described by The Michigan Daily as an exclusive senior honor society oft-criticized for its legacy of racism and its elitism. It s in the news because of a three-page letter to Class of 2021 members, posted this week above the names of 10 past members, 10 other alumni and five current participants. We believe that it is time to disband Order of Angell, they say. Its positive values do not outweigh the immeasurable pain . caused to members and to communities of color on campus.