3 Things to Know If You Get Paid Cash Under the Table

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Getting paid under the table may seem like a win-win situation. You don’t have to keep track of your income, and even better, you don’t have to report your income to the IRS. If you don’t report your income, then you don’t have to pay taxes – what could be better than that?

However, getting paid cash under the table comes with its own problems. Here are three things you need to keep in mind.

1. Your Employer May End Up Telling The IRS About Your Arrangement

Just because you’re getting paid cash under the table does not mean that IRS won’t find out. Here is why. Sometimes businesses get audited. If they get audited, they may have to tell the IRS what or who they spent their money on.

You may ask yourself, would my employer sell me out? That is hard to say, but if you think that is possible, you may want to keep a record of your cash income. You may even want to report it because otherwise, your employer could get you in trouble.

2. Why Your Employer May Tell IRS About Your Arrangement

If your employer gets themselves in trouble, they will have to tell the government how they have been spending their money. If they spent their money paying you cash under the table, they might have to tell the IRS about it.

They may not want to sell you out, but in the end, being honest with the government will save them money and time. Telling on you is going to benefit them.

3. Not Reporting Income Can Result in Jail Time

Unreported income can be a federal crime. If caught, you could face additional taxes, penalties, and interest. In extreme cases, you could face jail time.

You need to consider these things when being paid cash under the table. It can seem like a perfect setup initially, but are the consequences worth it if you get caught?

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#IRS #TaxDebt #TaxAdvisor

[butchblack]

I fixed a lot of cars for cash under the tables for decades. Never put it in the bank. I come from legal hustlers and late night hustlers. No hand in between me and my green 😅😅😅😅😅😅

[kvmairforce]

I work with seniors, a lot of them don't understand why their SS is so low and struggling to survive, especially in 2022. When you look at their calculations and see all those $0s, because they were paid under the table, it is kind of sad they didn't understand the impact. Your company doesn't really care about your future, don't let them save money today and damage you future. You are working, you deserve good SS benefits!

[toska]

I like how federal income tax is literally unconstitutional

[bryantrujillo]

You forgot to mention applying for loans could be a problem because you cant show proof of income

[GodisAgapelove]

What if the employer paid cash and they try to add it to the employer’s W2 wouldn’t they be getting themselves in trouble also?

[chloefontain]

How do hair stylist and mechanics survive? What about restaurants that say cash only?

[realspilltv]

How do I file taxes if I get paid under the table?

[michaelwightman]

" U should know as a attorney "

[jop]

but isnt it his/her or its word against mine??

[tomw]

Never start a video with “ like and subscribe” requests especially if your video is not that good. Not telling you what to do or anything just telling you how it is.