Tax question

[CountryRoads]

I'm probably going to look stupid, but I've never dealt with this before!

I am doing tax receipts for my families, are late payment fees tax deductible? Do I include late payment fees in their total amount paid? Also, do I need to include late payment fees as a part of my income?

Thanks in advance!

[Cat Herder]

My understanding is that the answer to all three questions is yes.

[Blackcat31]

I'm probably going to look stupid, but I've never dealt with this before!

I am doing tax receipts for my families, are late payment fees tax deductible? Do I include late payment fees in their total amount paid? Also, do I need to include late payment fees as a part of my income?

Thanks in advance!

I believe the answer is yes to all.

ALL income you get (including gift cards and/or bonuses from parents....) is considered income.

Tom Copeland had many articles about this. I am sure he has an article with all the answers somewhere in one of them here: http://tomcopelandblog.com/category/...-taxes?cat=933