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Worst the could happen if I don't pay taxes on my 60k tutoring business?

Author :

Submitted : 2018-06-15 06:48:48    Popularity:     

Tags: pay  happen  Worst  business  tutoring  

I am 24, graduated college in 2016 and last year I made almost 60k tutoring kids in the summer and tutoring for AP classes (freelance, not for a company)

most people payed me with check or even cash

I do not want to pay taxes on it -

Answers:

Hmm look over your shoulder the rest of your life or pay a measly tax. Btw you should have been paying ALL ALONG. Good god. Get your head out of your behind and act like an adult.

you have what is called 'under the table' income and it is reportable.
you are supposed to pay in to social security and medicare (15.3%) in what is called self employment tax, and you owe income tax to the fed and your state (if your state has an income tax). check irs.gov for income over $1000, it is reportable. you can be fined retroactively and sent to jail.
of course, no one wants to report cash income and if it is under the IRS limit, you don't report it. but in your case it is substantial. anyone can report you to the IRS under the whistleblower rules, again see irs.gov.

big penalties

they can PENALIZE you for EVASION OF INCOME TAXES, and penalties range from stiff fines to JAIL TIME. If they can get master criminal Al Capone on TAX EVASION, they can get anyone.

How? The government begins to wonder how you managed to live for a year with no income - not even any unemployment checks. Then they look at your bank account ....

P S Most people spell it "PAID"

60k!!!-you must be a damn good tutor!

The government will be completely ok with it when explain that you didn't use any services that taxes pay for.
- no infrastructure = you don't use the sewer or electricity, you don't walk or drive on public roads, you don't use public transportation or public safety - no police, fire or paramedics.

Obviously, if you aren't using roads you aren't using libraries, parks, beaches or even hospitals.

But if you are using these things - why don't you think you need to help pay for them?

Tax Evasion, Fraud, Avoidance, et al. Oh, say, 5 to 20 Years in a federal prison.
Seizure of A$$ets, (Bank accounts, vehicles, home, furniture, computers, etc.)

How to get caught, one of your clients takes a Tax Deduction for your services. Or a jilted/jealous partner reports your "life style". Or you boast about it at a party or in bar...

Confiscate any assets you have, throw you in jail for tax evasion.



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