Randy Eschels photo
Garett Eschels photo

 

Randy Eschels, CLU, ChFC, CFP®

 

Garett Eschels

 

 

Eschels Financial Group, Inc.

555 S Old Woodward Avenue, Suite 612

Birmingham, MI 48009

 

Phone:  248-644-1144

             800-969-9990

Fax:      248-644-7820

 

randy@eschelsfinancial.net

garett@eschelsfinancial.net

www.efg-ida.com

November/December 2021

Surprise - It's Taxable!

Surprise - Its Taxable

It's almost that time of year when you and the IRS must settle what you owe - or what the government owes you. Before you prepare your tax return, consider whether you'll need to include any of the taxable items listed below.


  • Social Security benefits

  • Unemployment benefits

  • Portion of a scholarship that covers expenses other than tuition, fees, and books (e.g., room and board, travel, etc.)

  • Canceled debt from credit cards, car loans and mortgages (Student loan debt is exempt.)

  • Honors with cash prizes

  • Certain alimony payments

  • Gambling winnings (lotteries, horse racing, casinos, sports betting, etc.) Some losses are deductible.

  • Gifts from an employer that reward an employee for services or help promote the company

  • Found property

  • Bartered property or services in lieu of cash


Consult your tax advisor to determine which items you should include when preparing your income tax return.


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Securities offered through Concourse Financial Group Securities, Inc. (CFGS), Member FINRA/SIPC. Advisory services offered through Concourse Financial Group Advisors, a DBA for CFGS, a Registered Investment Advisor. Eschels Financial Group, Inc. is independent of CFGS.
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