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Taxable Income Includes Illegal Activity

April 10
20:04 2014

When it comes to crime, the IRS wants their fair share, so income gained through illegal activity needs to be claimed on your tax return.

al caponeThat’s a fact. It says so right in IRS Publication 525, Taxable and Nontaxable Income.

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.”–Page 31, IRS Publication 525

Then don’t forget to pay the 15.3% self-employment tax.

If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year, you return it to its rightful owner.”–page 33

You could just steal it back the next year.

Seriously, it doesn’t pay to mess with the IRS. Look at Al “Scar Face” Capone, one of the most notorious crime bosses of the 1930s. With countless murders in his name and million of dollars in ill-gotten gains, the only thing that sent Capone to prison was tax evasion. The IRS got him when no one else could.

There’s still a few days left to file your 2013 taxes. Tuesday, April 15, is the deadline. Don’t forget! More information, forms and publications are available on the Internal Revenue Service website.

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