Hans Kasper, MS-CPA, PS

Business Income List
 

Many people get confused about business income and what it is and is not.

• Payment for product sold or services rendered,

• Collections on bad debts previously written off,

• Barter income,

• Payment for agreements not to compete,

• Expense reimbursements,

• Insurance reimbursements for losses or damages,

• Proceeds from sale of assets,

• Sublease income, and

• Many more items of income.

• Proceeds of life insurance policies on a key employee,

• Loans from individuals, other businesses, or banks, and

• All money put into the business by the owners except for expense reimbursements.