The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Inflating earned income for more FICA credit Date:  6/30/2011  1:08 AM
Author:  0x6a74 Number:  113613 of 124795

I don't think anyone ever got in trouble for over reporting income, unless it was done for money laundering
Au contraire, as we say in Kansas. Fraud is fraud. What you propose is a too common tactic of tax cheats trying to maximize the earned income credit, and the IRS is well aware of it.

could they legitimately get 'higher' income by not claiming some business expense?

eg, working out of the home they may deduct part of rent,utils (yes?), but MUST they?
Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us