I would like to know if this is true.... I was told if you are given money as a bonus for helping in for instance "a case" if you can prove you didn't spend it but used it for bills you don't have to worry about taxes on that amount...is this true? I get ssd and don't want next year to come and they say I owe a zillion dollars and its paid to the creditors. thanks
how much approximate state/federal?
That is not true. You are given a 1099 and you must pay taxes on that bonus.
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Criminal Defense Attorney
That is false. It is income and therefore taxable.
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Divorce / Separation Lawyer
1099 income is reported on your tax return as income. If you have expenses relating to the income, then you may be allowed to deduct them. Consult with a CPA.
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Good afternoon. I agree with the previous posters. Unfortunately, you have to pay taxes on your bonus because it is considered income derived from employment whether or not it is for time spent on the job, or just for having a cheerful attitude. Be sure to include this income with your return because you have to pay taxes on it. I hope this helps. Good luck!
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