My wife filed a return of income with taxable income below taxation limits. Source of income tutions and rental. Tution income was received in cash. ITO says the onus is on her to prove that her income was not more than what was reported. How does one do this?
How do I predict the income of a planned website based on income from ads when I dont know how many visitors there will be at any given month/week/day and also I dont know the how much i'll get paid for every click made? (planning to use google adsense or yahoo ads)
any ideas? how would I build a business plan for such a website?
Can you recommend me of any companies that help you calculate your predicted income?
I won a prize back in August 2006 worth almost as much as a car (about $9000). I still have it, but have never used it, and was just waiting for winter to end so I could decide if I want to keep it or sell it. I already paid sales tax on it.
But, for income tax purposes, I am assuming I have to report the entire value as 2006 income. That's fine, but what if I sell the item in 2007 for less than it's worth (say $7500)???
Can I then declare my sweepstakes income for 2006 as $7500, or do I have to report the whole thing? it's going to be hard enough to pay federal + state income tax on an extra $7500 let alone the full $9000.
Thanks
When filing for child support, I had an income to report in the case. I just began receiving child support checks, but I no longer have an income.
Do I need to report the fact that I no longer have an income? Will that have an affect on the case, or change the amount I receive?
