Tax Talk: What to do if You're Getting Paid Under the Table

Описание: In this video, I, Mohammad Akif from Akif CPA, explain what happens when you get paid "under the table" in cash. Is it okay to accept cash payments? What should you do with the money? While it's not illegal to receive cash, failing to report it can lead to issues with the IRS down the line. I discuss scenarios where your employer might report your cash payments to the IRS without issuing a 1099 form, and how you can protect yourself by tracking your income and expenses. I also cover the importance of bookkeeping, requesting proper tax forms, and reporting cash income to minimize tax liabilities.

Quick Tips:

1. Always report your cash income to avoid future IRS issues.
2. Track your cash payments and match them with employer records.
3. Request a 1099 form from your employer if you earn over $600.
4. Take advantage of tax deductions like expenses for tools, travel, and home office.
5. Consider hiring a bookkeeper to help you manage finances and save on taxes.
6. Don’t assume your employer won’t report your income—there’s a good chance they will.

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About Akif CPA
Our goal is to exceed our client’s expectations by providing exceptional quality services. We thrive when we help your business grow.

We are a team of highly skilled tax professionals with years of experience and expertise in the field of tax, accounting, business advisory, payroll, business consulting, compilation and review services, sales tax audit and financial planning. We provide comprehensive solutions to businesses and individuals.

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