Thursday, February 16, 2006

Bathroom Reading Publication 17

Hey, who knew that IRS Publication 17 could be so entertaining!

"If you receive a bribe, include it in your income." pg.85

"You must include kickbacks, side commissions, push money, or similar payments you recieve in your income on Form 1040, line 21, or on Schedule C or SChedule C-EZ (Form 1040), if from your self-employment activity" pg. 87

"Illegal income, such as money from dealing illegal drugs, must be included in your income on Form 1040..." pg. 87

"You cannot deduct the cost of a wristwatch, even if there is a job requirement that ou know the correct time to properly perform your duties." pg. 195

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