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There are good reasons to report all of your income, including cash that was paid to you “under the table.”
When you eventually retire, the amount of social security you receive is based on the old tax information and the income you reported. The more you report now, the more social security you’ll get later.
Many people don't know this but the amount of money you'll get back on your taxes may actually go up when you report income you earned under the table.
Consider reporting all of your income and see how it changes what you'd get back.
Your refund won't affect any benefits that you receive as long as the income you report on your taxes is the same as what you share with benefits. Learn more here.
Your employer might get in trouble in the future (even years later) and be forced to report what they paid you. If that happens, you’ll be left with a big bill and a penalty.
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If you still have questions or would like to schedule an your free tax prep appointment, call 211 or visit our friends the Miami Tax Pros
Updated as of January 2023.
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