Taxable and Nontaxable Income
I am NOT making this up. April Fool’s Day was yesterday!
I was researching the “taxable/nontaxable” status of some money we received last year, and I ran across these gems of information. I know none of YOU need this, but you just never know when the following facts might prove useful. J And I’m no expert, but I think this might be a good way for law enforcement to find criminals. It worked for Eliot Ness.
Kickbacks. You must include kickbacks, side commissions, push money, or similar payments you receive in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.
Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.
Bribes. If you receive a bribe, include it in your income.
Remember…honesty is the best policy with the IRS!