taxes

What is tax-exempt?

 

What is tax-exempt?

The Bankrate.com financial term of the day is: "tax-exempt."

Not all income is subject to income taxes; some of it is tax-exempt. You don't have to pay federal tax on earnings that are tax-exempt, including the interest on municipal bonds.

You'll typically owe the government at least a little something out of the money you make, except on income that's tax-exempt.

For help making sense of your taxes, visit the Taxes section at Bankrate.com.

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