How does the IRS know your income?
- Thread starter Brainzzzz
- Start date
zebrahat
Elite Member
- Aug 6, 2008
- 2,514
- 3,037
All US companies are expected to inform/snitch about what they pay you if it exceeds $600/yr, if you are a US citizen, person or company. The bank may report separately from the business. But if you apply for an online program by using a non-US address with (therefore) no SSN submitted, and take your payment by check or BTC, depending on where/how cashed out it does not automatically get reported or tracked.
At what $ does the bank report?
danms
Regular Member
- Dec 16, 2009
- 253
- 64
Do not, ever, cheat the IRS. Doesn't matter where you live, they fill f*ck you over. It may not be today, or next year, but once they decide to sit on you - you're ass is in trouble.
If you don't make a profit - show your expenses and you pay close to nothing.
If you make a profit - pay those damn taxes.
If you make a lot of profit
--> ask your accountant for help. There are better ways to reduce taxes, do not go the illegal route.
If you don't make a profit - show your expenses and you pay close to nothing.
If you make a profit - pay those damn taxes.
If you make a lot of profit
--> ask your accountant for help. There are better ways to reduce taxes, do not go the illegal route.
zebrahat
Elite Member
- Aug 6, 2008
- 2,514
- 3,037
Do not, ever, let the IRS cheat you, which is what happens most of the time. Slap them back, by taking the path of least resistance (not using the SSN, using pseudonym IDs to earn for defacto anonymity, challenging all assessments, etc). The issue is not falling for the presumption of "illegality" on your part if you take that path, but circumventling the system of erroneous and unlawful misapplication of liability in the first place.
Taxation is theft. Not paying wrongly imputed/assessed taxes (created from air by a paper trail of hearsay information reports) is better than merely "reducing taxes," or getting mugged less.
Taxation is theft. Not paying wrongly imputed/assessed taxes (created from air by a paper trail of hearsay information reports) is better than merely "reducing taxes," or getting mugged less.
crackedcreative
Junior Member
- Jul 19, 2012
- 143
- 71
Banks, paypal, affiliate networks are legally required to send irs your income if you make $600+ a year.
unless it is specified that the network you are working with will not (which usually occur in networks located in India, Vietnam, etc.)
you CAN essentially make "under the table" money online, but why put yourself in that situation? Don't f*** With the irs.
disclaimer: I am not a government agent. You can believe me.
unless it is specified that the network you are working with will not (which usually occur in networks located in India, Vietnam, etc.)
you CAN essentially make "under the table" money online, but why put yourself in that situation? Don't f*** With the irs.
disclaimer: I am not a government agent. You can believe me.
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dys872
Junior Member
- Jun 24, 2010
- 185
- 55
Unless you get the money in bit coin they will know even if you get cash ods are people will want a receipt and there are laws to send 1099 for anything over 600 I think. If you get money in the US the jerks will know. The irony is the founders of the republic considered it evil to tax income any kind of income and for first few hundred years it was never taxed they started less then 100 years ago like a temp measure now it's permanent. It a mafia if you ask me anyone stealing my income is evil but most people think they are entitled to steal income and redistribute it about 90% goes to fashist insiders big guys less then 10% goes to lilttle people like welfare pensions etc... it's a big ass scam
bertbaby
Elite Member
- Apr 15, 2009
- 2,025
- 1,535
Because jail sucks tough guy!
I plan not to do any of that hopefully. Ive made a decent amount of money but i don't think its enough for them to come after me.
I never used real info, other than having my bank attached to the pp account which would be the only link between me and my profits. From what i know pp doesn't send tax info to IRS unless its over the 200/20k mark. Which i hope is true and this would make me safe. Was just wondering about banks since i deposit a lot and withdraw a lot often and frequently.
If you can prove that you have lived offshore for atleast 330 days out of any 12 consecutive months, you can make up to $97,600 and may not be taxed at all.
You still have to file though, and fill out a form.
http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Earned-Income-Exclusion
You still have to file though, and fill out a form.
http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Earned-Income-Exclusion
PressCheck
Newbie
- Jan 30, 2013
- 40
- 2
Post Patriot Act and various anti-money-laundering related statutes, only a real fool would try to hide income from the IRS. The list of things you pay for, consume, post online, etc. that have a long-tail to various revenue tracking and reporting requirements for businesses you interact with is VERY long.
Personally I don't know anyone who looks great in bright orange so I pay the tax man and keep real careful track of every deduction I'm entitled to take.
Personally I don't know anyone who looks great in bright orange so I pay the tax man and keep real careful track of every deduction I'm entitled to take.
zebrahat
Elite Member
- Aug 6, 2008
- 2,514
- 3,037
Those who are under the jurisdiction of the IRS have those reporting and payment obligations, while those who do not are not under those obligations. I have not filed or paid taxes in 14 years, with none of the 'bright orange' nonsense resulting that the fear mongers keep bringing up on this thread. Over 64 million Americans do not even file each year, and only 2200 are prosecuted for tax evasion---so much for the fraidy cats.
I have presented the tax honesty approach here, that acknowledges the jurisdiction of the IRS is limited and their tax is very often misapplied, and live by that in freedom, instead of living in fear. Notice that the OP merely asked 'how does the IRS know your income,' to which he got robotic "pay your taxes" responses instead of comments addressing what he asked about. That's how cowed some people are, and it's sad.
I have presented the tax honesty approach here, that acknowledges the jurisdiction of the IRS is limited and their tax is very often misapplied, and live by that in freedom, instead of living in fear. Notice that the OP merely asked 'how does the IRS know your income,' to which he got robotic "pay your taxes" responses instead of comments addressing what he asked about. That's how cowed some people are, and it's sad.
You have to learn what you have to pay taxes on and what you do not have to pay taxes on.
Yes, the banks report money to the IRS in excess of $7,000 or more so anytime you place more than
that in your bank account at one time they automatically report it.
Yes, the banks report money to the IRS in excess of $7,000 or more so anytime you place more than
that in your bank account at one time they automatically report it.
Is that a confirmed number?