Money Talks News: Tax Hacks 2014: Would You Cheat On Your Taxes
Fri, 14 Feb 2014 13:25:14 GMT —
"Somewhat, I think everybody cheats." "I don't blame everybody for skimping here and there for their taxes."
Death and taxes - two things everyone faces. But while you can't cheat death, taxes are another matter.
"You'd get in big trouble." "It's your duty to pay taxes. Yeah."
In a 2012 Treasury Department survey, 87 percent of those surveyed said it was not at all acceptable to cheat on your taxes.
But either through ignorance or dishonesty, a lot of Americans actually do.
To illustrate, let's say you buy some do-dad at a yard sale for $10 and sell it for $50. Is that reportable income?
"I probably wouldn't report that on my taxes because I wouldn't think about it."
"Yes, I think so."
Well, you're supposed to. Profits are taxable - every dime you make however you make it is supposed to be reported as income.
Bottom line: A lot of Americans may not think it's OK to cheat on their taxes, but they do it anyway whether they mean to or not.
Want to lower your tax bill without cheating? Just go to moneytalksnews.com and do a search for "Tax Hacks 2014."
For Money Talks News, I'm Stacy Johnson.