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Coin-operated laundry equipment, vending machines, and late fees are all examples of Miscellaneous income.

What is Income?

Income is the cash that a person or organisation receives in return for working, producing a good or service, or using capital. People normally make money through wages or salaries, whereas corporations make money by selling goods or services for more than it costs to produce them. The majority of sources of income are taxable. Additionally, knowing the various forms of revenue might help you:

  • Make money from your interests and passions.
  • Invest funds for your future.
  • Invest in causes that are important to you.
  • Spend more money to support your family.

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