• KBD

February 2021 Volume 6


February 2021 Volume 6

Purpose

The purpose of Kappa Beta Delta is to encourage and recognize scholarship and accomplishment among students of business pursuing associate degrees. To encourage and promote personal and professional improvement and a life distinguished by honorable service to humankind.


https://www.kbdhs.org/

Have you applied for the KBD Scholarship? Please go to the link below to apply.

https://www.kbdhs.org/scholarships

The Dr. Andrew V. Stevenson International Merit Scholarship is the highest honor a Kappa Beta Delta member can achieve. The Dr. Andrew V. Stevenson International Merit Scholarship is administered by the Board of Kappa Beta Delta.

Dr. Andrew V. Stevenson served as Associate Director of ACBSP, working closely with associate degree schools, until his death. He was instrumental in creating Kappa Beta Delta, the Honor Society for business programs which have an ACBSP accreditation.



“The fire is winter's fruit.”

– Arabian Proverb



Do You Know the Difference Between Taxable and Nontaxable Income?

All income you receive is taxable unless the rules explicitly state that it isn’t. According to the IRS, taxable income includes earned income like wages as well as any income earned by bartering or the exchange of property or services. Rental income is taxable as are other forms of unearned income like interest and dividends or Social Security.

Some income is not taxable unless certain conditions are met. For example, life insurance proceeds are usually not taxable to the beneficiary unless you redeem a life insurance policy for cash. Any amount you receive above the cost of the policy is taxable. State and local income tax refunds may be taxable and should be reported on your federal taxes.

There are also some forms of income that are usually not taxable, like:

  • Gifts and inheritances.

  • Child support payments.

  • Welfare benefits.

  • Damage awards for physical injury or sickness.

  • Cash rebates from a dealer or manufacturer for an item you buy.

  • Reimbursements for qualified adoption expenses.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

**Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

Tip adapted from IRS.gov