 Help! My wife is a hair sytlist and she is getting killed on taxes! 19k on paper says she ows 4k?? |
| My wife is a hair stylist and recieved her 1099 MISC. as an independant contractor. I entered the info into turbo tax, and it sayed she owed 4,000.00, (without any deductions). She only made 19K. I... |
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 I pay child support, any way to claim that on my taxes?? |
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Seems as though the woman are saying no you cannot write off supporting your children. But the woman are quick to claim the children each year!... |
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 Tax Question? |
| My divorce was final in March of 2006. Still legally married on Dec 31, 2005, my now ex-husband took it upon himself to file without me as head of household and claimed our son on his return. The ... |
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 Can my Boyfriend claim me on his taxes? |
me and my boyfriend have live with each other for year and he has supported me through my last year of college, he is the only one on the lease can he still claim me and my school on his taxes
A... |
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 Should my wife and I file separately or jointly for 2008? |
| I made approximately 200K. She made approximatley 10K. We have two dependents. I am self-employed. She is a pre-school teacher.... |
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 I made around $2,000+ working, could I file for taxes? |
I worked since August 2008 and I generated $2,000+ and I was wondering if I could file for taxes.
Also I worked from 06-07 at a company and I can't remember what my gross was but I ... |
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 How to have my ex's back child support taken from his federal taxes in Ohio? |
| It's my ex's year to claim our son on his taxes. Hes several thousands of dollars behind on child support. Has been for several years now. I know that anything more than $500 behind, and ... |
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 How can I deduct medical expenses from my taxes? |
| I only made $3,600 dollars last year. I have $1,200 in medical bills (no insurance). So, is there some way I can get this money reimbursed? I had someone tell me to take the standard deduction (5,450)... |
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 Do I have to report my rent / utilities payments to IRS? |
| This year I'll be filing for the very first time a form 1099. Can I get so type of deduction for my rent payments that I made?... |
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 Can i get a tax return for driveing to work in the uk? |
| I have been told that i can get a tax return off the inland revenue in the U.K for driveing to work. My company pay me traveling allowance and i get tax free additions I have been told that I can ... |
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 Child care provider passed away? |
| Ok, so the woman caring for my children in 2008 passed away last summer, I paid about 3200 for the year for my 2 children, how am I going to claim this without her SS#, she did not have much family ... |
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 My father didn't file for income tax for fourteen years, now I have to take care of it. What do I do? |
| Way back in 1994 my father received a letter from the IRS. " "You may no longer have to file with the IRS " He evidently took this to mean he no longer needed to file his taxes each ... |
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 Can I file state and federal taxes without paying them right away? |
| I owe about 460 in taxes this year. 400 to federal and 60 to missouri. Can I file my taxes and wait to pay. if so what is the deadline to actually send in a check. Im hoping to catch a break and ... |
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 If you receive a prize from a tv show how much is taxed? |
| If you receive a prize from a tv show that is taxed along with airfare and lodging that totals about $2800 I know this is added to your income at the end of the year but how much is taxed on it state ... |
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 If i get paid 8 dollars an hour, then how much is taken out of that from taxes? |
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i live in illinois and i am 16. does that help? i kind of want an exact ... |
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james d | Can the IRS intefere with my bank account or take money from it? |
i have money saved in my bank account....i work off the books..legal work...i will open 2 bank account tommorw with about 4000 each...will the irs or govenrmet see this? doesi t look illegal...and more money will be put in later on..thanks
Additional Details
buddy....im off the books because it is a CASH buisness..half the U.S works on that and it tottally legal. |
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PepsiLime
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Gee, let's see, you've just asked a question that indicates that you are evading taxes, humn, let me think about whether the irs or the government will find out about this. Probably now, yes. By the way, the irs does look at a person's lifestyle to see if how they live matches what they claim for a tax return. I think you're playing with fire, and will get burned. |
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brucec83
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If your work is legal and you are reporting your income and paying your taxes, you needn't worry about the IRS, who will receive a report of any interest you earn and large deposits or withdrawals of currency from the bank.
If you are saying that you are not reporting and paying taxes on your cash income, then you are evading taxes and are subject to assessment of back taxes and penalties, seizure of your assets, levy of your bank accounts, and possibly indictment and imprisonment.
Since you have added that you receive money from your father, let me say that family employees are not subject to self employment tax. Therefore, as long as your Dad is not deducting your wages as business expenses, he is (in effect) paying your taxes. This is not really proper book-keeping, but probably isn't tax evasion. In fact, he may be overpaying his taxes since you are probably in a lower bracket. |
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bostonianinmo
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If you're "off the books" you ARE illegal. That's what the term "off the books" implies. Merely receiving cash income isn't illegal as long as you properly declare all income and pay the taxes due. Running an all-cash business IS a red flag for the IRS and WILL increase your chances of audit substantially.
If you work in a family business and are being paid under the table in cash then both you AND your father are breaking the law, by the way. He's evading payroll taxes and you are evading all taxes. Not very smart for either of you.
If you don't pay your taxes the IRS can and will attach any assets you have including bank accounts. That happens to thousands of folks in your exact situation EVERY year. |
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Mark S
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It is totally ILLEGAL to work for cash and not report that on your tax return. Just because a lot of people do it, doesn't make it legal.
Yes, the IRS can seize your bank accounts and any other assets you have. They can also throw you in jail.
If you work for your father's company, then not only are you commiting tax fraud by not reporting your income, your father's comapny is also. (FUTA, SUTA and employer's share of FICA not to mention Workers' Comp) |
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PrissyPanda
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Working off the books is SO illegal. Just ask my uncle - he spent 4 years in a federal penitentiary for this. Your question puts you and your Dad both in this situation. It's called tax evasion and tax fraud. The IRS can and will seize you and your dad's assets - they usually will allow you to keep your home and one car so you can keep working and pay off those back taxes, fines and penalties. That is, after you all get out of jail. The IRS normally only sees transactions of $10,000 or more. The banks are required to report these transactions. If the IRS audits you, they can look at everything in your bank account and will. |
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FlCpa
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If your father pays you more than $600 for the year as an independent contractor (I'm assuming this is what you mean by "off the books") he is required to issue you a 1099 for the money paid to you if he wants to use it as a business deduction. When he issues you the 1099 he sends a copy to the IRS who will "match" it to your 1040, which will need to have a schedule C showing all the 1099 income that you were paid. (as an independent contractor you will also be eligible to deduct expenses related to this work). If your father is "gifting" you more than $12,000 for the year - i.e. not using a business deduction or issuing a 1099 for the money he gives you - Then he will need to do a gift return and possibly owe gift taxes on this amount (subject to additional exclusions).
To get to the basic of your question - $4000 deposits do not require an explanation of the source of funds. |
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Judy1
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Not reporting and paying taxes on cash, off the books income is NOT totally, or even partially, legal. It's tax evasion. And yes, if and when the IRS catches up to you, they can take your bank account to pay what you owe.
Not sure where you get your info that "half" of the US works off the books. Are you the only one? Absolutely not. But it's not likely anywhere near that high.
And anyway, when you used that kind of arguement as a kid, didn't your mother ever say "if everyone else jumped off a bridge, would you do it too?" |
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Bingo
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I don't know where you live but in the United States the banks turn in everyone's information to the IRS for taxing reasons and at tax time you will get a form from the bank and they give the IRS the same information, If your working off the books and pocketing untaxed income and putting it into a financial institute like a bank you are telling the IRS yourself and you will get caught, oh and working off the books is not considered legal work. Boy your not real smart are you. |
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srmainman
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The money you put into the bank will not be reported. Yes,At the end of the year, the bank will send you and the I R S a 1099 form, stating the amount of interest paid to you, not the amount you have in the bank. Check with the bank on this before you deposit, but I am pretty sure that a transaction has to exceed $10,000 before the amount is reported, and that is because it helps track illegal drug activity. Yes, It is illegal to not report income to the I R S , even cash, and you are right , many taxpayers do it. I don`t believe I`d be advertising it to the world on Yahoo, though. I R S cannot seize your assets without a court order. |
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