Why bank robberies always happen in pairs
Many of the questions I used to ask to my accountant were variations of this: "Is this form of income taxable."
His answer was always, always the same. "Yes, unfortunately you owe tax on that."
I told him he could create an auto-reply e-mail and voicemail that says ""Yes, unfortunately you owe tax on that." His workload would be drastically reduced.
So over the years I learned that anything my little mind can possibly imagine is taxable.
Famous case in point: Some people bought an old used piano, cheap, at a flea market. They stuck it in a garage for MANY years, and decided to refurbish it. When they dug into the inner bits of the piano, the found wads of cash, and there was no way to trace the original owner. After a long court battle, guess what: That "found money" was taxed. Same thing if you find money on the street.
Or if you rob a bank, the theft is taxable. That's why most headlines report "Two local banks robbed." One for the money, and one to pay the taxes on the first heist.
Many people get into "barter" exchanges, where you trade one service for another with no money changing hands. "I'll install your plumbing in your office if you do my kids' orthodontia in exchange"). Verdict: Taxable, at the value of those services exchanged.
Click here to read full article with examples that may astound you
Steve Cebalt, Highview LLC
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