Taxable Income

Taxable or Non-Taxable?

This is one question always on the mind of every business owner!

We have chosen to inspect the question of Taxable Income on this week’s post, better equipping you for success in 2019 and beyond.

TAXABLE INCOME

Taxable income is a taxpayer’s gross income, minus any allowable tax deductions or exemptions.

A tax rate is applied to the taxable income figure to determine the amount of tax payable by a taxpayer.

Many types of income can be included within the taxable income classification within Trinidad and Tobago including the following:

1. Compensation
2. Dividend income
3. Gambling winnings
4. Interest income
5. Lottery winnings
6. Profits from the sale of real estate
7. Profits from the sale of securities
8. Tip income

Other types of income that are not classified as taxable income, including the following:

1. Child support payments
2. Income paid into a retirement account
3. Inheritances
4. Scholarships
5. Welfare Benefits or Grants
6. Workers’ Compensation payments

As an entrepreneur it’s important to understand which items should for part of your Taxable Income package to be included in your Annual Tax returns.

At Robley Baynes we help you navigate through your Tax Planning& Tax Management policy and procedures to reduce your overall Tax Implications.