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Revision as of 10:11, 15 September 2026
The old adage is crime doesn't pay, only one certainly can wonder sometimes about the precision of it given the amount of of politicians that seem to be criminals! Regardless, the fact you are making money from a criminal offense doesn't mean you don't have to pay taxes. Correct. The IRS wants its unfair share of one's ill gotten gains! Contributing an insurance deductible $1,000 will lower the taxable income in the $30,000 12 months person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000).
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