Chances Are You Committed Tax Fraud Accidentally
Today is the deadline to file your taxes and chances are you committed tax fraud!
Chances most of have committed fraud accidentally!
Here are some ways it could have happened.
1. You didn't report all of your income. Most companies don't issue a 1099if you were paid less than $600, but you are still to report any and all income. Even if you made $2.50 on an investment or $10 on lotto tickets. Most people only report if they get a 1099.
2. You overvalued you non-cash donations. Sure that old lamp from your grandma that you donated to Goodwill seemed like it was worth $50 but really it was only worth $5. Not knowing the value and guessing is lying and it's technically tax fraud.
3. You inflated the value of your deductions. Like medical expenses, work or education-related expenses. Maybe you only paid $50 for a book that retailed for $100 you are supposed to use the number you paid. Of course, this only applies if you itemized though and most people took the standard deduction this year, because of the new tax code.