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Stephen C. Bach CFP®
Financial Advisor
7:12 Financial LLC
309 Henry Lane
Wallingford, PA 19086
610-892-1718 (Phone/Fax/Text)
712financial@lincolninvestment.com
November/December 2025
Surprise - It's 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 team of advisors to determine which items you should include when preparing your income tax return.
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Advisory Services offered through Capital Analysts, or Lincoln Investment, Registered Investment Advisers. Securities offered through Lincoln Investment, Broker/Dealer and Member FINRA/SIPC. www.lincolninvestment.com
7:12 Financial LLC and the above firms are independent and non-affiliated. Lincoln Investment is the provider of 403(b)/457 plans sponsored by employers and your advisor represents Lincoln Investment when offering these plans.
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