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Reply to "For those of you cheat on your tax return..."
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[quote=Anonymous][quote=Anonymous]Perhaps you don't realize this but it is very difficult for wage earners to cheat on their taxes in a material way. Almost all of your income is going to be reported to the IRS (i.e. W-2, 1099, etc.) so there is very little tax evasion in this income group. Brokerages track the basis for securities now so that one loophole has mostly been closed unless you've owned securities for a very long time. The vast majority of tax evasion comes from the 1%.[/quote] +1 op clearly has no idea what they are talking about. Banks, brokerage houses and employees report income directly to the IRS so if something doesn’t tie out, there’s a notice. It’s very hard to find ‘loopholes’. [/quote]
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