I have zero idea what this has to do with my reply to Raleigh concerning the easiest way to hide income...and neither do you.
Monitoring deposits over $600
- Thread starter i am herdman
- Start date
You're a lying idiot.
I sure am. To the tune of half a trillion per year.
And there was nothing unwise or inappropriate in having one account for personal and business.
🤣🤣🤣 And I know you're serious about that. The novelty of your idiocy has worn off...🥱 Time to hit the ignore button...
Do me a favor, slapnuts: show me where I replied about EG's hypothetical situation. You can't, and that is why it has nothing to do with my reply to Raleigh. Having one account for both personal and business is the sub-topic I was replying to (God knows every thread here veers off).
I can't believe I missed this, but I was helping my cousin cheat on her taxes (helped her DJ a wedding; she was paid straight cash homey) and trying to watch the game on Facebook over BFE cell service.
EG's business seems fairly simple. Sole proprietorship, not a huge business. Does he keep meticulous records? Probably, because he is an anal SOB. Schedule C that shit and be done. If he is audited he has his very anal records. He's not juggling multiple businesses through one account, and he is not doing huge money. He'd be fine. I think when we personally deal with large, multi-faceted, complicated businesses we forget how simple it really can be.
Ignored user used an example of a tax cheat making 25 deposits in increments of $1,000 to get out of paying taxes on $25k. He was likely only considering the $10k reporting threshold and mentioned commingling his funds. Raleigh said commingling funds is a way to cheat on taxes (if I might ad especially if there is a separate business account that is bypassed through depositing into a personal account). Both are partially correct. You correctly said not depositing cash is a more effective way to cheat on taxes. I merely stated ignored user started the discussion of ways to cheat on taxes and introduced commingling funds into the discussion.
Now do me a favor - show me where I said any incorrect in this thread.
As I have said more than once on this thread it is not illegal to commingle business and personal funds though it is not proper or recommended.
From IRS Publication 583
Business checkbook. One of the first things you should do when you start a business is open a business checking account. You should keep your business account separate from your personal checking account. The business checkbook is your basic source of information for recording your business expenses. You should deposit all daily receipts in your business checking account. You should check your account for errors by reconciling it. See Reconciling the checking account, later. Consider using a checkbook that allows enough space to identify the source of deposits as business income, personal funds, or loans. You should also note on the deposit slip the source of the deposit and keep copies of all slips.
You should make all payments by check to document business expenses. Write checks payable to yourself only when making withdrawals from your business for personal
use. Avoid writing checks payable to cash. If you must write a check for cash to pay a business expense, include the receipt for the cash payment in your records. If you cannot get a receipt for a cash payment, you should make
an adequate explanation in your records at the time of payment. Use the business account for business purposes only. Indicate the source of deposits and the type of expense in the checkbook.
^^^Idiot ignores the man made only $25,000 but has 2 new cars, a $400,000 home and sends 2 children to private school. It's an example of a man cheating on taxes.
And you ignored my question on how he was able to acquire those things. What was his method of payment?
Yeah. It’s called being hood rich. Lots of money, tricked out cheap car (since you can mod with cash but not buy expensive cars), still living in the hood since you can’t show income to get a good place. If you don’t know how to clean the money you’re very limited on what you can actually do with money.
That's because it doesn't matter. Successful tax cheats can be good at what they do. Maybe he had 4 or 5 "friends" that gift him $15,000 each per year because he provides them with cocaine.
You are whining about all this, but yet you refused to pay your employees those numbers or offer them the option of joining a union.
Oh yeah, don't bother with your regular mindless response. The fact that I've had my member in your daughters mouth will trump any of thr bs lies you try to spew.
I sell a vehicle for 2000 or whatever amount. The IRS should be notified when I deposit that amount?
Cash payments are the obvious way to avoid biz income. Didn’t think that really need to be acknowledged
But, If you own a business and tell a customer to write a check to you personally instead of your business for the product or service…you’re most likely hiding business income. Do you do this Greed?
But, If you own a business and tell a customer to write a check to you personally instead of your business for the product or service…you’re most likely hiding business income. Do you do this Greed?
In my opinion no. It is yours and if you make profit then good for you
Like I said earlier in this thread, people don't like this possible new regulation because it makes it tougher on you to cheat on your taxes. You evidently want the IRS to take your word for it that your only income is what your employer turns in and if you make a million dollars on the side that's none of their business. As I've said before, you have no ethics.
You asked for my opinion about selling a house. I gave it. I didn't say I would avoid paying taxes if applicable. I stated that it is was opinion when I sell a house. I pay my fair share of taxes.
Mr mix business and personal funds. You ever work under the table?
I wasn't arguing whether I would pay taxes if required. You asked my opinion if I thought it should be required.
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You're too stupid to realize that if people didn't pay taxes on income from selling homes, everyone would basically be a realtor who didn't have to pay taxes on their income from selling homes. According to your perverse logic, why should the government know about anyone selling homes, cars, lawnmowers, etc. Where do the exemptions stop??
At the rate the top marginal tax rate has been going for the last 59 years, the richest will pay zero federal income tax in about 2058 and likewise in about 2078 corporations will pay zero corporate income taxes. At that time or before, we will become one of those 3rd world countries you hate so much.
Good to see Greed wont admit that he takes checks personally so he can avoid reporting business income.
Fact is: Top 1% of all earners are paying 40% of all income taxes paid.
The same way you avoid business income when checks are written to you personally?
Fact is: Top 1% of all earners are paying 40% of all income taxes paid.
The rich are paying for the lion's share of taxes. They just pass that on or don't invest back buying product or spending money when they are taxed more. Wonder if he paid employees under the table?
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Of course they are. Dont expect Greed to accept that. He hides his "business" income so he doesn't have to claim it. Typical hypocrite. Blames repubs for not paying taxes, but admits taking advantage of the vary system that allows him to hide sales income.
Well, I was wondering if that was the case. Why would anyone mix a business acct and personal acct. Just make the check out to me and not the business.
I’m sure Greed was by the book making cabinets for his neighbors during the pandemic too.
If I admitted that I'd be a liar like you.
^^^^hook, line, and sinker idiot
hook , line, and sinker on what? The rich or top earners do pay most of the taxes.
You swallowed the excuse the rich feed their minions.
The rich cheat more on their taxes, and it's not even close.
People claiming businesses are hobbies, putting business income in personal accounts are the cheaters.
So monitoring 600 dollar deposits will show them. This is just a way for Dems to get into private transactions and intrude in our daily lives.
Reality is the "rich" and top earners pay most of the taxes. You fall for the class warfare mantra.
I bet you are mixing business and personal funds. Not reporting everything.
A golf buddy of mine said it best. herdman he says, when these liberals start pointing fingers about all this stuff it usually means they are guilty 10 x worse than anybody else.
are you gaming the system?
Guess you should stop acting on emotion, greed.
With an estimated 1.6 million people who cheat on their taxes, it may come as a surprise that only a small percentage of taxpayers are convicted of tax crimes every year. In fact, the number of convictions for tax crimes has decreased over the past decade.
According to the Tax Foundation, Pew Research, 79% percent of people think that it is morally wrong to cheat on their taxes. According to the IRS, individual taxpayers do 75% of the cheating – mostly middle-income earners.
cainecpa.com
With an estimated 1.6 million people who cheat on their taxes, it may come as a surprise that only a small percentage of taxpayers are convicted of tax crimes every year. In fact, the number of convictions for tax crimes has decreased over the past decade.
According to the Tax Foundation, Pew Research, 79% percent of people think that it is morally wrong to cheat on their taxes. According to the IRS, individual taxpayers do 75% of the cheating – mostly middle-income earners.
Tax Cheating Statistics
Tax Cheating Statistics With an estimated 1.6 million people who cheat on their taxes, it may come as a surprise that only a small percentage of taxpayers are convicted of tax crimes every year. In fact, the number of convictions for tax crimes has decreased over the past decade. According to...
cainecpa.com
That's because the IRS is underfunded. Idiot. Just like I told you earlier.
You're so stupid it's painful. There's TEN TIMES as many individuals in the U S as there are businesses. That means 25% of the cheating comes from the 10% which is made up of businesses.
The previously unreported study estimates that taxpayers whose true income was between $500,000 and $1 million a year understated their adjusted gross incomes by 21% overall in 2001, compared to an 8% underreporting rate for those earning $50,000 to $100,000 and even lower rates for those earning less. (The "net misreporting rate" as the IRS calls it, includes both underreported income and inflated deductions.)
In all, because of their higher noncompliance rates, those with true incomes of $200,000 or more received 25% of all income, but accounted for 40% of net underreported income and 42% of underreported tax in 2001, the new analysis finds.
Rich Cheat More On Taxes, New Study Shows
High-earners have more opportunity to hide income, so they do.
www.forbes.com
The top 1% of earners accounting for more than a third of all unpaid federal taxes.
