Taxes: Sources of income you might not have thought of

With piles and piles of fine-print, the IRS is here to make understanding tax code easy: just spend a few hours flipping through the booklets, and you're sure to find a reference to the topic you're wondering about.

If you're unsure about what exactly constitutes income, Publication 17 (2009) is your source of information. Here's some sources of income that a lot of people often overlook:

Gambling winnings. You must include your gambling winnings in income on Form 1040, line 21. If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings. See chapter 28 for information on recordkeeping.

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
3 Great Tips for Your 2022 Taxes
There's no reason to wait until tax time to start making sure you've checked all the right boxes. Here are three tips for making the most of your money when it comes to filing your taxes in 2022.
Read MoreBrought to you byTurboTax.com
4 Types of Tax Preparers
There are four general types of tax preparers: certified public accountants, enrolled agents, tax attorneys, and non-credentialed preparers. Here's a quick guide on the differences between them.
Read MoreBrought to you byTurboTax.com
Child Tax Credit
Tax reform has caused some changes to the rules for the Child Tax Credit in recent years. Here's how to know whether you qualify for this credit.
Read MoreBrought to you byTurboTax.com
Maximizing Tax Deductions for the Business Use of Your Car
The business use of your car can be one of the largest tax deduction you can take to reduce your business income. This is a big, big deal. Why two bigs? Because your business income is used to calculate two taxes: your personal income tax and your self-employment tax (the amount you pay into Social Security and Medicare as the owner of your rideshare business). Maximizing your deduction for the business use of your car will help you minimize these taxes.
Read MoreBrought to you byTurboTax.com