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Basics of filing your income taxes because it can be nerve-wracking each and every year especially so if you've had a big life change that will impact your tax situation let's get into the most common questions we've heard over the years what counts as taxable income well here we are what is taxable income for your future trivia needs and to be the smartest person in the room the short answer is easy and it's that simply unless specifically excluded in the law and that's not many items all income you get is taxable there is no minimum reporting not even one dollar now let me break it down more in depth for everyone all worldwide income is to be reported on your income tax return