Identifying Income

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Identifying Your Income

The IRS looks at all your sources of income derived, no matter if it is otherwise exempt, illegal, non-taxable, or non-cash.

This includes:

Wages
Salary
Commissions
Business income (sole proprietor, partnership, corporation)
Rents received or income from renting a part of your residence
Hobby
Freelancing
Investnment
Food Stamps
Welfare/Public Assistance

Food you may get from a food shelf is not counted.

The Form 433-A(OIC) gives you instructions on computing your income. It is counted on a daily, weekly, bi-weekly, monthly, bi-monthly, quarterly, or semi annual; basis.

If your income is variant over time due to the econmy, seasonal work, or other variant changes you need to dig up some history to get a good average. You can't just go with good times, and slow times, when they are in season. You have to average.

You want to be diligent in computing your average income because the IRS will try to maximize your income. This could cause an extreme over estimation of your income sources. Your goal is to minimize your income as much as possible in a way the reflects reality.

Other Articles: (in process of updating and posting to the web. Available when there is a link.)

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Identifying your income

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Dissipated Assets

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Annuitizing Assets to Produce Future Income

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