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Taxes on illegal income [Video]

Taxes on illegal income

Income from illegal activities is considered taxable income.

The IRS says illegal income, including income from dealing drugs, must be reported on your tax return.

You can report illegal income in one of two ways.

If you stole money, received a bribe, or were hired to kill someone, you would report the income on line 8 of Schedule 1 where it says, “Other income.”

But if you earned money from an illegal business, like a money laundering operation, you would report the income on Schedule C.

This way you can take deductions for wages, rent, and other expenses of your business.

There’s an exception for drug traffickers, however, as they only get a deduction for the cost of goods sold.


Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.

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Resources for Accountants

Master Advanced DAX in Power BI: Elevate Your Data Analysis Skills! [Video]

🚀 Looking to master complex data analysis in Power BI? Whether you're a data analyst, business intelligence professional, or someone aiming to enhance your DAX skills, this course is your gateway to advanced data modeling and analytics!​ 🎓 Introducing WallStreetMojo’s Advanced DAX in Power BI Training Course – Your comprehensive guide to mastering Data Analysis Expressions (DAX) for sophisticated data insights and reporting.​ ✅ 7+ hours of self-paced, expert-led video tutorials ✅ One-year unlimited access – Learn at your convenience! ✅ Hands-on Excel-based learning with downloadable templates ✅ Master advanced DAX functions, including CALCULATE, SUMMARIZE, and RANKX ✅ Learn to build complex data models and perform intricate calculations ✅ Earn a globally recognized certification upon course completion ✅ Rated 4.8⭐ by thousands of satisfied learners!​ 🔹 What You'll Learn: 📌 Deep dive into advanced DAX functions and their applications 📌 Create dynamic and interactive Power BI reports 📌 Implement complex business logic using DAX 📌 Optimize data models for performance and scalability 📌 Apply real-world scenarios to reinforce learning​ 📜 Upon completion, you'll receive a professional certificate to enhance your resume and open doors to opportunities in data analysis, business intelligence, and more.​ 💡 Join over 100,000 learners who have transformed their careers with WallStreetMojo. It's your turn to gain a competitive edge in the data analytics industry!​ 🎯 Start your journey to mastering advanced DAX in Power BI today – Click below to enroll now! 👇​ 🔗 https://www.wallstreetmojo.com/power-bi/advanced-dax-in-power-bi-course/ 📢 Subscribe for more practical data analytics training and career tips! 🔔 Turn on notifications to stay updated on the latest in Power BI education!

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Complete Guide to Options, Futures & Swaps! [Video]

🚀 Looking to master the world of derivatives and elevate your finance career? Whether you're a student, analyst, or professional aiming to deepen your understanding of financial instruments, this course is your gateway to becoming a derivatives expert!​ 🎓 Introducing WallStreetMojo’s Basic & Advanced Derivatives Bundle Course – Your comprehensive guide to understanding and applying derivatives in real-world scenarios, from foundational concepts to advanced strategies.​ ✅ 6+ hours of self-paced, expert-led video tutorials ✅ One-year unlimited access – Learn at your convenience! ✅ Hands-on Excel-based learning with downloadable templates ✅ Master forwards, futures, options, swaps, and risk management techniques ✅ Learn to evaluate derivative pricing using stochastic models ✅ Earn two globally recognized certifications upon course completion ✅ Rated 4.8⭐ by thousands of satisfied learners!​ 🔹 What You'll Learn: 📌 Differentiate between various derivative instruments 📌 Apply knowledge to real-world financial scenarios 📌 Implement hedging strategies to protect value 📌 Speculate and bet on future prices effectively 📌 Develop an analytical thought process for trading​ 📜 Upon completion, you'll receive two professional certificates to enhance your resume and open doors to opportunities in trading, risk management, portfolio management, and more.​ 💡 Join over 100,000 learners who have transformed their careers with WallStreetMojo. It's your turn to gain a competitive edge in the finance industry!​ 🎯 Start your journey to mastering derivatives today – Click below to enroll now! 👇​ 🔗 https://www.wallstreetmojo.com/derivatives/advanced-derivatives-certification-course-bundle/ 📢 Subscribe for more practical finance training and career tips! 🔔 Turn on notifications to stay updated on the latest in finance education!

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How to Account for Share Based Compensation [Video]

When a company grants share-based compensation that has a performance condition (which means a certain sales, profit, or other performance condition must be met in order for the share-based compensation to vest), the company must assess at the end of each period whether it is probable that the performance condition will be met. If it is not probable that the performance condition will be met, the company must reverse any compensation expense previously recorded for this share-based compensation (if no compensation expense was previously recorded, the company wouldn't make a journal entry). If it is probable that the performance condition will be met, the company should record compensation expense. Note that for share-based compensation with a MARKET condition (based on the stock price) instead of a performance condition, the company should record compensation expense whether or not it is probable that the market condition will be met. — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS * http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *https://www.patreon.com/prof_mclaughlin — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/ * https://michaelmclaughlin.com

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Resources for Accountants

Financial Planning & Analysis Course Your guide to budgeting, forecasting, & financial analysis! [Video]

🚀 Aiming to excel in financial planning and analysis? Whether you're an aspiring FP&A analyst, finance professional, or business owner, mastering budgeting, forecasting, and financial modeling is your key to strategic decision-making!​ 🎓 Introducing WallStreetMojo’s Financial Planning & Analysis Course – Your comprehensive guide to budgeting, forecasting, and financial analysis with real-world applications!​ ✅ 11+ hours of self-paced, expert-led video tutorials ✅ One-year unlimited access – Learn at your convenience! ✅ Hands-on Excel-based learning with downloadable templates ✅ Master budgeting, forecasting, cost analysis, and dynamic financial modeling ✅ Understand FP&A's role in mergers, acquisitions, and investment strategies ✅ Earn a recognized certification upon course completion ✅ Rated 4.8⭐ by thousands of satisfied learners!​ 🔹 What You'll Learn: 📌 Build effective budgets and control costs for strategic financial planning 📌 Create robust financial models used by top investment banks and Fortune 500 firms 📌 Leverage Excel and automation tools to streamline financial planning and analysis 📌 Understand the role of FP&A in mergers, acquisitions, and investment strategies 📌 Analyze financial statements and drive data-driven decision-making​ WallStreetMojo 📜 Upon completion, you'll receive a professional certificate to enhance your resume and open doors to opportunities in financial planning, analysis, and corporate finance.​ 💡 Join over 100,000 learners who have transformed their careers with WallStreetMojo. It's your turn to gain a competitive edge in the finance industry!​ 🎯 Start your journey to mastering financial planning and analysis today – Click below to enroll now! 👇​ 🔗 https://www.wallstreetmojo.com/budgeting/financial-planning-analysis-course/ 📢 Subscribe for more practical finance training and career tips! 🔔 Turn on notifications to stay updated on the latest in finance education!