Money Talks News: You could be cheating on your taxes - News, Weather, Sports, Toledo, OH

Money Talks News: You could be cheating on your taxes

(Source: Money Talks News) (Source: Money Talks News)
Money Talks News -

Do you cheat on your taxes? Reality is, must of us probably cheat without even realizing it.

One individual answered that question by saying that they think that everybody cheats or skimps a little here or there on their taxes.

Death and taxes are two things everyone faces. But while you cannot cheat death, taxes are another matter.

Another individual feels that if you cheat on your taxes, then you would get in big trouble since it is our duty to pay taxes.

In a 2014 department of Treasury survey, 86 percent of Americans said it is not at all acceptable to cheat on your taxes. However, either through ignorance or dishonesty, a lot of Americans probably do.

To illustrate, imagine you buy some do-dad at a yard sale for $10 and sell it for $50. Should you report and pay taxes on the profit?

One individual said that they probably would not report that on their taxes because they would not think about it.

Another individual said they would report it on their taxes.

Overall, you are supposed to report it. 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 acceptable to cheat on your taxes, but they might do it anyway whether they mean to or not.

If you want to reduce your taxes without cheating, though, go to the Money Talks News website and do a search for "Tax Hacks 2016." 

Follow WTOL:  

Download our app here

Copyright 2018 WTOL. All rights reserved.

Powered by Frankly