Tax Trivia Giveaway #2: Presidential Income
(Update: We have our winners!)
Our second tax trivia question is:
In honor of President’s Day, this question focuses on presidential tax returns. Since Richard Nixon, almost all of our U.S. Presidents (and most presidential candidates) have reported this specific kind of additional income on their tax returns. Since it’s occasional income for our Presidents, it tends to get reported on a separate schedule – taxed as ordinary income – but other taxpayers (who receive this kind of income regularly) may opt to report it on a Schedule C.
What kind of additional income is it?
For more about the giveaway, including rules and prizes, check out this post.
