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Author: SageHen99 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120811  
Subject: under-the-table income and taxes Date: 11/5/1999 10:48 AM
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Since graduation, a friend of mine has moved back home (dependant of parents), and is doing quite well in the online auction biz. I'm fairly certain that he's not planning to turn in 1/3 of his earnings (or whatever) for taxes, and I'm hoping someone can give me some possible results of this sort of evasion. I'm not looking for morality speeches- *I* know it's wrong and illegal, etc. I'm looking for things I can pass on to him that might help him make a more *informed* decision about what he's doing. (Along the lines of, "The fine for this sort of thing is a bizillion dollars" or "The IRS is really suspicious of 23-year-olds whose mothers still do their laundry.") On the other hand, I can see why he's not *that* worried- it's not like the IRS goes after 14-year-olds for their babysitting money- so what's the difference between them and him? (That's an actual question if someone has an answer- maybe age or income?)

Can someone give me something like worst-case/best-case/likely-case scenarios that would result from his reporting only, say, 25% of his income?
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