[Verse 1] Sarah gets her health plan covered by her boss Section one-oh-six means no tax loss While Marcus receives a check when his father passed Life insurance money, section one-oh-one's tax-free at last Emma's grandma left her diamonds and gold Gifts and inheritances, one-oh-two keeps them untold [Chorus] Exclusions make your taxable income shrink One-oh-six, one-oh-one, one-oh-two think Municipal bonds and scholarships too Foreign income far away from Uncle Sam's view Principal residence gains disappear Fringe benefits crystal clear These exclusions are your shield Making gross income yield [Verse 2] City bonds from Denver pay tax-free interest Section one-oh-three keeps the IRS distant College scholarships for tuition and books Section one-seventeen gives students lucky looks Working overseas in London or Rome Section nine-eleven keeps foreign wages at home [Chorus] Exclusions make your taxable income shrink One-oh-six, one-oh-one, one-oh-two think Municipal bonds and scholarships too Foreign income far away from Uncle Sam's view Principal residence gains disappear Fringe benefits crystal clear These exclusions are your shield Making gross income yield [Bridge] Duberstein case reminds us what to know Detached generosity makes the gift status flow Two-fifty thousand dollars on your house you can exclude If you lived there two of five years, section one-twenty-one's renewed [Verse 3] Employer pays for courses, daycare for your kid Educational assistance, dependent care unhid Section one-twenty-seven, one-twenty-nine protect Fringe benefits in one-thirty-two you can collect Working meals and parking spots Exclude these taxable blots [Chorus] Exclusions make your taxable income shrink One-oh-six, one-oh-one, one-oh-two think Municipal bonds and scholarships too Foreign income far away from Uncle Sam's view Principal residence gains disappear Fringe benefits crystal clear These exclusions are your shield Making gross income yield [Outro] Know your sections, memorize the code Exclusions lighten your tax load
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