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We all know that taxes are a part of life. But what may catch some of us off-guard is the fact that the IRS is entitled to a piece of the money we earn even when it's not derived from a job.
Taxable income is income the IRS can tax you on. When we hear taxable income, we generally think of wages from a job or freelance work. After all, you're going out, working, and earning money. The IRS' reach actually extends much further. Here are some additional income sources you can be taxed on: