Author: Kathleen Hearons

Mandatory Tax on Street Weed! To Pay (or Not to Pay)?

Not to be outwitted, the federal government switched to including drug deal proceeds in your mandatory reportable income. The Internal Revenue Service specifies, “Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity.”

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