How To Deal With Tax Preparation: Difference between revisions
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Revision as of 23:58, 9 September 2026
The old adage is crime doesn't pay, only one certainly can wonder sometimes about the precision of it given the number of politicians that typically be burglars! Regardless, the fact you are making money from a crime doesn't mean you do not to pay taxes. That's right. The IRS wants its unfair share of the ill gotten gains! Now we calculate if you have any income tax due. Assuming for cibai once that no other income exists, we calculate taxable income using the profit from the business ($20,000) and subtract regular deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012).
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