The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: cash income||Date: 6/15/2003 9:32 PM|
|Author: 5000fingers||Number: 65875 of 120809|
Because you're an honorable person who keeps records, which they would ask to see.
This is true.
A crook wouldn't keep the records, but we know that's not you. What kind of idiot would broadcast to the world that he's a thief?
Not me! I'm a different kind of an idiot. Actually, I used to not worry about reporting cash income when it was pretty sporadic, but now that I'm making a lot more money on music I feel that I need to be on the up-and-up. In fact, I think there is a negative psychological effect to always try to sneak around your tax liability. You put a pressure on yourself to NOT make money, in order to avoid paying taxes. That's totally psychological and not logical, but I believe it's true for a lot of people, and this is part of the "starving artist" mentality. I find that it's a lot better to report everything honestly, because I want to make MORE money, not less. There are already so many good and legal ways of avoiding taxes, so I figure why not take advantage of those? And besides, Quicken works a lot better if the books aren't cooked....
What's a VITA Volunteer?
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|