Ok, I know its illeagal but is there anyway I could benifit by claiming I make more?
2007-01-26 06:42:50 · 7 answers · asked by Theandysullivan 3 in Business & Finance ➔ Taxes ➔ Other - Taxes
If you are discovered, there could be fines, and there could be criminal penalties. Is it worth it?
2007-01-26 06:50:50 · answer #1 · answered by fcas80 7 · 0⤊ 0⤋
If you know that your W2 contains an error you need to contact your payroll department to report it.
Chances are in the next month or so the error will be discovered anyway. The IRS may also discover you owe them money back on a refund they have already submitted to you. Not worth the hassle. Just a thought, one benefit of having a correct W2 is for income documentation. Should you decide to apply for a loan in the next two years you wouldn't want your income to appear less than what it truly is.
2007-01-26 06:54:25 · answer #2 · answered by ldinkheller 1 · 0⤊ 0⤋
Yes it's illegal, both for you and most likely for whoever is paying you under the table.
If you ever want to get a large loan like a mortgage, you'll be asked to show your last tax return or two. If you haven't reported all of your income, you'd be eligible only for a smaller loan.
You also benefit by not having to worry about the IRS catching up to you for tax evasion. If that happens, your life can become very unpleasant.
2007-01-26 12:16:19 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Your W-2 wages should be the same as your last pay check year to date. If not you need to have your employer correct the W-2. If they do not correct it you can not that on your tax return that your wages are incorrect. You can also notify the IRS if they do not correct the W-2. It is not worth a hassle with the IRS to do your taxes with an incorrect W-2.
2007-01-26 06:54:25 · answer #4 · answered by hockeyfamily099 1 · 0⤊ 0⤋
its not illegal to get paid more than whats on your w-2. If you dont claim this extra money then thats illegal making money on the side is ok as long as you report it.
In most cases claiming more money will not benefit your tax situation. However if you qualify for earned income credit then you might be able to get more back.
2007-01-26 06:57:37 · answer #5 · answered by Ski_Bum 3 · 0⤊ 0⤋
benifit by saying you make more well the more you make the more taxes you will have to pay I would go by what is on your w-2 and claim all thay you have made,,be ligitimate.IRS doesnt play..and when you play you pay!!
2007-01-26 06:51:17 · answer #6 · answered by HEAR TO HELP 4 · 0⤊ 0⤋
Talk to your employer... you don't want to screw up your taxes.
2007-01-26 06:50:03 · answer #7 · answered by Smitty 5 · 0⤊ 0⤋