Quote:
Originally Posted by JMintzer
Why even put it in the bank? Use it to go grocery shopping or to go out to dinner over the next few weeks/months...
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Correct answer for those who get under the table cash income. . always spend it as cash instead of putting it in the bank and then using a credit card. The vendors and stores will love you. . and boo hoo that you don't get your points, just save the earned money in the bank and there will be no trace of undeclared income, though doubtful many will have to realize this issue. The real issue is the transfer of crypto currency back into cash into a banking account to get the cash. .
Second, the analytical intent is a comparison of cash transfers versus earned income. There has been alot of unearned income during the pandemic with the stimmies check going to crypto trading and NFT sales. . (that's the biggie)
You have earned income of 100K and net cash withdrawals of $5K and net cash deposits of $1K, normal distribution of behavior.
You have earned income of 20K and net cash withdrawals of 0 and net cash deposits of 30K, you have undeclared earned income. .. . the IRS wants to have a meeting.
simple data mining
finance guy, and yes, i do some data mining at work