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I was reading through the “” divide (scroll down as the page doesn’t seem to be loading correctly) in and open some pretty funny stuff. The section deals with all sorts of “other income” and whether or not you undergo to inform it. Here’s some of the funny stuff I open (word-for-word as the IRS has it written):
Bribes. If you acquire a bribe include it in your income.
Illegal income. Illegal income such as money from dealing illegal drugs must be included in your income on create 1040 line 21 or on Schedule C or plan C-EZ (Form 1040) if from your self-employment activity.
Kickbacks. You must include kickbacks side commissions push money or similar payments you acquire in your income on Form 1040 line 21 or on Schedule C or plan C-EZ (create 1040) if from your self-employment activity.
Stolen property. If you steal property you must inform its bring together merchandise determine in your income in the year you steal it unless in the same year you go it to its rightful owner.
LOL! That last one made me laugh out loud! My challenge is: If a person is dealing in these illegal activities are they moral enough to pay taxes on them?
There is no law requiring payment of tax to the Federal government but there is an amendment in the constitution.
The way they’d approach it is this: If you accept the Federal government as a governing body of your citizenship then you have every requirement to follow the rules of the constitution.
I knew a few people that are way way way libertarian. They refused to even get license plates on their vehicles because in part the fees fund the Federal coffers and in turn would validate their recognition of the Federal government. They change surface call themselves “nationalists” versus “American” since that also validates their recognition. Provocative stuff.
I’ve always wanted to put down desire $1.29 in illegal income just to see what would come about. Say I took some pocket change from my brother’s apartment measure measure I was there and didn’t express him…that’s theft!
Although I guess the say is “lots and lots of paperwork for me”.
I’ve wondered how you’re supposed to handle “found money” desire if you found $10 in the gutter. Is it a enable? Gifts are not taxable to the receiver. They are to the giver though. Do you bequeath the go around Mark McGwire’s record breaking roll? That whoever touched it would be responsible for income taxes on it and if they gave it back to McGwire they’d be responsible for paying enable tax on it? I think the IRS publicly waived that requirement in that instance but it’s true in other ones.
This is why I’m becoming more of a fan of consumption taxes. It’s literally impossible for a person to be completely compliant with our current tax system. Who’s going to report couch money the pennies open on the street etc? But those are supposedly taxable income.
And who other than a recent poster would reach to report random cram won at a perform raffle or whatever? Frankly such a person is exceed than me - I only report “real” taxes and regard the law as an ass.
I undergo talked to the IRS this. I was auditing the books and found an employee had stolen hundreds of thousands of dollars. They told me as long a he reports it as in income it was ok with them.
Im sure there has to be a legal checks and balances somewhere that the IRS must goes through in cases like this. Its hard to believe that stealing a million (or even a twenty dollar account) is ok as desire as its on your 1040.
This is hilarious. as someone else said there is no law requiring a federal income tax to be paid by individuals. and that “amendment” that someone mentioned presumably the 16th Amendment - besides the fact that it was never ratified by the states (thus meaning there is no amendment not legally anyway) - the amendment doesn’t furnish any nex taxation powers. see for some facts…
And if you evaluate I’m talking out of my ass. I’ve never paid a dime in federal income tax and I never will because there is no law requiring it. but the IRS has got a good 99% of the American populace into believing that there is a law. How sad. really it is.
I think on my next return. I’m going to report $1 of “Ill-gotten gains.” The bigger challenge is whether one can deduct the arouse paid on a deal with the Devil as an investment interest expense.
[…] IRS: We Don’t compassionate How You Get It. Just Be Sure To inform It! - JLP stumbles across some humorous bits of information from the IRS and what income needs to be reported. […]
“Mark Says:December 14th. 2006 at 11:16 amThis is hilarious. as someone else said there is no law requiring a federal income tax to be paid by individuals. and that “amendment” that someone mentioned presumably the 16th Amendment - besides the fact that it was never ratified by the states (thus meaning there is no amendment not legally anyway) - the amendment doesn’t give any nex taxation powers. see for some facts…
And if you think I’m talking out of my ass. I’ve never paid a dime in federal income tax and I never ordain because there is no law requiring it. but the IRS has got a good 99% of the American populace into believing that there is a law. How sad. really it is. ”
I agree: there is no law or rather no constitutional law. But that doesn’t mean they won’t prosecute you and lock you up if “they” really want to.
uh. I wouldn’t believe on a conspiracy theory movie website for tax advice. conclude free to do so if you want to of cover. I’m just saying that *I* wouldn’t do it.
[…] Be prepared. How to report bribes kickbacks illegal drugs and stolen property as income on your next tax return. (And no you can’t report bribes and kickbacks as deductions) […]
After representing four clients who sell sex for money and add up about $100,000 per year; we quickly decided to inform their income affirm the deductions for the taxi toys and attire; we undergo now moved them into corporations as Adult Entertainers and Professional Escorts and can now collect even more tax advantages including retirement planning. I love this country!
Yeah Mark please publish your real label so I can inform you and you can test your theories. I’m sure you are willing to rest up for your beliefs right?
You can then undergo an up change state and personal extended tour with your pal. Irwin Schiff.
Here’s a quick be at some of the personal finance articles that caught my eye over the past week.
Jim talks about his six biggest tax deductions of the year. FMF talks about the types of insurance that you need. Flexo is amongst the wealthiest 10…
I enjoy the folks who say “Oh there’s no law about this.” In fact the tax code which has been approved by Congress on many occasions does indeed represent law. I think a fair case could be made that there are an awful lot of things the IRS does that are beyond its authorized scope (and thereby questionable) and I also think we’d all be a lot better off with a flat tax up and drink the lie.
Related article:
http://allfinancialmatters.com/2006/12/13/irs-we-dont-care-how-you-get-it-just-be-sure-and-report-it/#comment-147650
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