who pays income taxes Important Info
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One may pay the medical bills or educational costs of another person and those payments are not treated as being part of the Annual Exclusion or Lifetime Exemption.
If you have a non-disclosed account than the government has to assume that you have ulterior motives for keeping such account. Perhaps the funds were obtained in an illegal manner to begin with.
The reason MAGI is used instead of the traditional figure for adjustable gross income (AGI) is because the latter figure can be skewed by a number of factors not truly indicative of a person’s earning power.
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The exchange rate that should be used is the prevailing rate at the time the income is received or the expense is incurred. If you owe taxes on your return, you must also pay what you owe in U.S. dollars.
Another factor to consider is whether or not items you sell were depreciated for tax purposes in a prior year on your tax return.
Avoid using rounded numbers and “guess-timates” as a substitute for your actual expenses. A Schedule C raises your “audit risk”; expenses that are “round numbers” like $100 or $250 even if legitimate, increase suspision.
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