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Started By
Message
Getting paid "under-the-table"
Posted on 11/19/11 at 12:13 am
Posted on 11/19/11 at 12:13 am
I started a roofing co and I buy gift cards with cash at a significant discount to purchase materials. My materials receipts show that gift cards were used for payment. I am trying to hide the profit I'm making on materials by expensing 100% of the materials and only claiming as profit what I make after materials and labor costs.
This is similar to being paid "under the table", and I'd assume there is a way to keep the records so that I can cover up this extra income (50-75k)
Any ideas on how to keep it as clean as possible and how it might blow up on me?
Also, does anyone know if Paypal reports anything about its members to the IRS?
This is similar to being paid "under the table", and I'd assume there is a way to keep the records so that I can cover up this extra income (50-75k)
Any ideas on how to keep it as clean as possible and how it might blow up on me?
Also, does anyone know if Paypal reports anything about its members to the IRS?
This post was edited on 11/19/11 at 12:15 am
15
Posted on 11/19/11 at 12:30 am to olgoi khorkhoi
quote:
Any ideas on how to keep it as clean as possible
It isn't clean. It's possible to keep a bad set of books for the taxman, but "clean as possible" is like saying a woman is only a little bit pregnant.
This is a DIY job.
Posted on 11/19/11 at 1:31 am to foshizzle
I'm not asking for advice on how to get away with trafficking under aged girls.
Cheating on taxes is as old as prostitution. I'm not trying to reinvent the wheel.
If you win 1k in a poker game in your buddy's garage, you're reporting it to the IRS?
Everyone's heard of swiss bank accounts, is there anywhere similar to put cash that's safer than the sock drawer, but without a paper trail?
Cheating on taxes is as old as prostitution. I'm not trying to reinvent the wheel.
If you win 1k in a poker game in your buddy's garage, you're reporting it to the IRS?
Everyone's heard of swiss bank accounts, is there anywhere similar to put cash that's safer than the sock drawer, but without a paper trail?
Posted on 11/19/11 at 1:42 am to olgoi khorkhoi
quote:just being a thieving frick.
Cheating on taxes is as old as prostitution. I'm not trying to reinvent the wheel.
I just hope you don't complain about anyone in society not paying their way.
Posted on 11/19/11 at 6:18 am to olgoi khorkhoi
If I was going to cheat the tax man the first thing I would do is document it by posting my plan on the internet.
Posted on 11/19/11 at 8:54 am to olgoi khorkhoi
You are askinfg for advice on how to evade taxes by misrepresenting your income. Tax evasion is a criminal offense. Anyone who provides you with advice could be accused of conspiring with you to avoid tax. It's really not a good idea for anyone to give you the assistance you seek, especially in a public forum.
And for the record, there is a provision in the tax code for snitches to collect rewards. The potential reward is 10% of the uncollected tax. Assuming your marginal tax rate is 25%, you are talking about a potential reward of $1,750 for someone who turns you in. Sleep well.
And for the record, there is a provision in the tax code for snitches to collect rewards. The potential reward is 10% of the uncollected tax. Assuming your marginal tax rate is 25%, you are talking about a potential reward of $1,750 for someone who turns you in. Sleep well.
Posted on 11/19/11 at 10:10 am to olgoi khorkhoi
I hope you get caught cheating on your taxes and have to do hard time. I'm tempted to report your post to the IRS's "Cheater's Hotline" and hope the IRS goes through this website's owners to locate you.
GFY for even asking others on this board to help you commit a felony. You've disrespected every poster on this board by doing that.
GFY for even asking others on this board to help you commit a felony. You've disrespected every poster on this board by doing that.
Posted on 11/19/11 at 10:53 am to LSURussian
quote:
I hope you get caught cheating on your taxes and have to do hard time. I'm tempted to report your post to the IRS's "Cheater's Hotline" and hope the IRS goes through this website's owners to locate you.
GFY for even asking others on this board to help you commit a felony. You've disrespected every poster on this board by doing that
Posted on 11/19/11 at 11:21 am to olgoi khorkhoi
What was the name of the roofing company again?
Posted on 11/19/11 at 11:50 am to TigerDeBaiter
quote:
What was the name of the roofing company again?
Curious as well. TIA
Posted on 11/19/11 at 12:42 pm to LSUtoOmaha
This really is not a smart move to ask for advice like this on here. Let me guess you get you jobs by lowballing your competition and use illegal workers and pay them cash.
Why should anyone be able to get 60,000 dollars and not have to pay taxes. Your best bet is to ask around and find a corrupt accountant that can help you. They are out there but you will have to pay for it.
One last word of caution I have a friend that was doing something similar. He had to pay restitution and spent five years in jail. The tax man may one day find you and its a better idea to pay your taxes before hand. At least you still have some money after taxes.
Why should anyone be able to get 60,000 dollars and not have to pay taxes. Your best bet is to ask around and find a corrupt accountant that can help you. They are out there but you will have to pay for it.
One last word of caution I have a friend that was doing something similar. He had to pay restitution and spent five years in jail. The tax man may one day find you and its a better idea to pay your taxes before hand. At least you still have some money after taxes.
This post was edited on 11/19/11 at 12:46 pm
Posted on 11/19/11 at 12:46 pm to PoppaD
quote:
Why should anyone be able to get 60,000 dollars and not have to pay taxes. Your best bet is to ask around and find a corrupt accountant that can help you. They are out there but you will have to pay for it.
Ask Doug on the show "Weeds"
Posted on 11/19/11 at 11:35 pm to PoppaD
Jesus did say to pay Ceasar.
I actually work as a server at Sonic and was floating this hypothetical. I don't think I'll owe any federal even after I add up all my cash tips, but you never know.
I actually work as a server at Sonic and was floating this hypothetical. I don't think I'll owe any federal even after I add up all my cash tips, but you never know.
This post was edited on 11/19/11 at 11:50 pm
Posted on 11/19/11 at 11:39 pm to LSURussian
.
This post was edited on 11/19/11 at 11:45 pm
Posted on 11/20/11 at 2:15 pm to olgoi khorkhoi
Without getting into the ethics of this, I would question if you are significantly overpaying for roofing supplies by shopping at places that accept gift cards (Home Depot I assume). I always thought that actual roofers used material supply houses, not big box stores. But I have no idea.
Posted on 11/20/11 at 3:54 pm to olgoi khorkhoi
quote:
Jesus did say to pay Ceasar.
I actually work as a server at Sonic and was floating this hypothetical. I don't think I'll owe any federal even after I add up all my cash tips, but you never know.
Riiiight.
So you're already purchasing blackmarket gift cards and now you want to cheat on the other side as well? Nice ethics there, skippy.
Posted on 11/20/11 at 4:46 pm to olgoi khorkhoi
I'll be glad to help. First thing I need is for you to post your name, address and social security number. Thanks.
Posted on 11/21/11 at 12:15 pm to olgoi khorkhoi
I used to buy gift cards using program points and stuff.
I always claimed the items I purchased using gift cards on my taxes as basically selling something given to me for free.
I have a feeling you're going to end up taking a hit on this if anyone looks into it.
No paper trail means that you can't prove YOU paid anything for it.
I always claimed the items I purchased using gift cards on my taxes as basically selling something given to me for free.
I have a feeling you're going to end up taking a hit on this if anyone looks into it.
No paper trail means that you can't prove YOU paid anything for it.
Posted on 11/21/11 at 12:19 pm to olgoi khorkhoi
quote:
olgoi khorkhoi
Definitely stupid to ask for advice on how to commit a crime, but I wonder if all the protests in this thread aren't a bit self-serving. How many people here report EVERYTHING they do according to the strict letter of the law?
Posted on 11/21/11 at 12:22 pm to olgoi khorkhoi
quote:
I started a roofing co and I buy gift cards with cash at a significant discount to purchase materials. My materials receipts show that gift cards were used for payment. I am trying to hide the profit I'm making on materials by expensing 100% of the materials and only claiming as profit what I make after materials and labor costs.
This is similar to being paid "under the table", and I'd assume there is a way to keep the records so that I can cover up this extra income (50-75k)
Any ideas on how to keep it as clean as possible and how it might blow up on me?
Also, does anyone know if Paypal reports anything about its members to the IRS?
do you hire illegals as well and not pay work comp on them nor payroll taxes or anything else? How about you climb on one of them roofs and jump.
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