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I hear it all the time from liberals... now, I would like liberals to define WHO is wealthy in terms of $$ income and HOW they cheat... I have asked many CPAs about it and its all been the same, unless you make 1 million or more a year, its pretty much impossible for you to cheat on your taxes... so, we have a tax code that penalizes those who make LOWER than 1 million while still providing the tax loopholes for those who make over 1 million... who makes over 1 million? Celebrities, CEO's, athletes, private business owners... and yet THESE very same people are worshiped by the liberals... so I don't get it... you hate them yet you worship them and then claim anyone but them to be tax cheats... so you penalize everyone else BUT them... they are a small EASY identifiable group.. yet you target everyone BUT them...
I hear it all the time from liberals... now, I would like liberals to define WHO is wealthy in terms of $$ income and HOW they cheat... I have asked many CPAs about it and its all been the same, unless you make 1 million or more a year, its pretty much impossible for you to cheat on your taxes... so, we have a tax code that penalizes those who make LOWER than 1 million while still providing the tax loopholes for those who make over 1 million... who makes over 1 million? Celebrities, CEO's, athletes, private business owners... and yet THESE very same people are worshiped by the liberals... so I don't get it... you hate them yet you worship them and then claim anyone but them to be tax cheats... so you penalize everyone else BUT them... they are a small EASY identifiable group.. yet you target everyone BUT them...
I have asked many CPAs about it and its all been the same, unless you make 1 million or more a year, its pretty much impossible for you to cheat on your taxes
This isn't true.
I read that one of the most common forms of cheating on your taxes is inflating the value of charitable contributions. If it's under a certain amount (I forget how much) you don't need an appraisal or anything just a receipt. I say the clothes I gave to Goodwill totaled x, who's to say otherwise.
Another is not reporting income. Do day laborers being hired for cash always track it and report it as income? They certainly aren't making a million a year. What about the $50 you got paid to take a survey? The $20 to help someone move? The money from garage sales?
I read that one of the most common forms of cheating on your taxes is inflating the value of charitable contributions. If it's under a certain amount (I forget how much) you don't need an appraisal or anything just a receipt. I say the clothes I gave to Goodwill totaled x, who's to say otherwise.
Another is not reporting income. Do day laborers being hired for cash always track it and report it as income? They certainly aren't making a million a year. What about the $50 you got paid to take a survey? The $20 to help someone move? The money from garage sales?
Etc.
Oh, come on...I know cheating is cheating however, you are talking nickels and dimes.
Your CPA is flat wrong. The government knows that people in much lower income under report ;take fraud dedcutions all the time just by their audits.Just the amount of unreported income is huge.
It's not so much the dollar amount of charitable deductions that will raise the red flag. It's the deduction as a percentage of income. So if you make $30,000 a year and claim $10,000 in charitable deductions, you can pretty much expect to get a letter from the IRS or the state requesting verification - copies of receipts, cancelled checks, etc. It is not typical for someone with that low of an income to donate that much to charity or church. You will have to prove it.
But if you make $300,000 a year and claim $10,000, they won't even blink an eye, because the deduction is negligible compared to your income. Therefore it's easier for someone with a higher income to get away with inflating their deductions and reducing their tax.
Your CPA is flat wrong. The government knows that people in much lower income under report ;take fraud dedcutions all the time just by their audits.Just the amount of unreported income is huge.
I agree there is a huge underground economy. All cash.
Your CPA is flat wrong. The government knows that people in much lower income under report ;take fraud dedcutions all the time just by their audits.Just the amount of unreported income is huge.
What unreported income? Most of the people I know don't have unreported income considering they work 50 hours a week... I don't think they can "do" more to get unreported income...
as for the charity, if you make a $10k contribution you WILL have to prove regardless of your income... anything over $500, requires a form and PROOF of the donation and besides that, the AMT will get rid a good portion of your charitable deduction...
So where are the tax cheats? I talked to many CPAs who advertise "lowering your taxes" and not one of them says how other than maximizing the tax credits that everybody knows about....
I agree there is a huge underground economy. All cash.
And how much do you have to have to get in this "underground economy"... like the CPA said, you need a huge income but liberals are fans of these very same people... while they penalize everyone else...
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