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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.


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Categories
Resources for Accountants

Investing vs Trading - Which is Better? (Top Differences) [Video]

In this video tutorial, we will talk about the top key differences between investing and trading.What is Trading?Trading is aimed at earning quick profits by holding on to stocks for a short period of time (such as weekly, monthly, daily).What is Investing? Investing involves a gradual building of wealth and assets by buying and holding on to a portfolio of stocks for a time period that may sometimes reach even 10 to 15 yrs.Some other key factors that differentiate between investing and trading are:- Method/approach involved.- Time factor.- Risk factor.#investingvstrading #wallstreetmojo #tradingvsinvestingFollow us at : Youtube ➤ https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUwLinkedin ➤ https://www.linkedin.com/company/wallstreetmojo/Facebook➤ https://www.facebook.com/wallstreetmojoInstagram➤https://www.instagram.com/wallstreetmojoofficial/

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Best Car Insurance Discounts ★ 2022 [Video]

Discover the best car insurance discounts. Here’s the free service we use to get cheaper car insurance (toll free): 1-855-981-7528. It’s a free by phone service that specializes in locating the cheapest car insurance rates. They perform the tedious task of shopping around, and present you with the cheapest auto insurance provider for your location. We call this service every year before our auto insurance expires. It allows us to discover whether there is a cheaper rate than ours, and has saved us lots of money over the years. Here are some of the topics covered in this video: How to get cheaper auto insurance rates online, get discounts and lower your policy cost, ways to lower vehicle insurance premium cost, which are the best car insurance companies and why Geico, National, Progressive, Allstate, Root, State farm, General, or farmers are not always the best bet. Why Dave Ramsey is not always right. Ways to get affordable drivers insurance quotes, how to locate the best cheap automobile insurer for a specific location. For more ways to save on your car insurance rates, see here: https://www.bizmove.com/auto-car-insurance/

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All about Stock halt- Easy Explaination- Part 1 [Video]

In this video, you will learn about stock halt, its rules, and how it is triggered.#stockhalt #stockmarket #wallstreetmojo #stockexchange #regulatorChapters:00:00 – Introduction00:35 – What is the stock halt?01:29 – Rules02:17 – Triggers of stock halt02:48 – ConclusionWhat is the stock halt?A stock halt is a scenario where the exchange halts trading in a particular stock for some time.It may be done when a regulatory action is imposed, important news is being anticipated, or a particular stock is just being bought or sold excessively.(Explained in detail in the video)RulesWhen a stock is halted for trading, it is coded with an identification number like T1, T2, T5, H10, etc.When the situation arises for halting trading in a particular stock, the exchange announces a halt to all brokers.Triggers of stock haltIf the stock price fluctuates up and down due to high volatility, then the exchange will either halt the trading, or the circuit breakers will be activated.Trading halts have been put into place so that a select group of individuals with significant capital does not manipulate prices to their whims and fancies.This will be all for this video. Subscribe to the channel, like the video, and share it with others.==========================================================================Subscribe to Our Channel –Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1LinkedIn https://www.linkedin.com/company/wallstreetmojo/Facebook https://www.facebook.com/wallstreetmojoInstagram https://www.instagram.com/wallstreetmojoofficial/Twitter https://twitter.com/wallstreetmojo