Did you know that more than $2 trillion are paid each year in tax revenue? That sounds like a large amount of money. Large enough that, sometimes we wonder whether the IRS would notice if we failed to pay our taxes at some point. While it might sound tempting to not report your earnings for the year, it's imperative that you do.
Claiming your income is not only a law, but it's also a personal responsibility. However, if you're looking for the top Speed Queen dealers in Raleigh, NC, be sure to call T & L for big savings.
Failure to Report Income
Failure to report income and pay taxes accordingly each year can result in serious repercussions. Even self employed business owners must pay taxes. Even more, they must pay taxes on every type of income that comes in, including the following:
- Tips
- Vending machine collections
- Coffee or snack sales
- Laundry detergent or fabric softener sales
- Games
Any person who earns over $600 a year must file taxes with the IRS. There are benefits to filing returns. Taxes help pay for things like Medicare and Social Security.
Again, you might be wondering if the IRS would notice your failure to report income when they already make more than $2 trillion in tax revenue per year. However, failure to report will result in legal ramifications like wage garnishing, tax audits, monetary fines, jail time and bank and asset levies.
If you've made the mistake of foregoing a tax return at some point in the past, consider hiring a tax professional to help you fix the situation. You can file past returns, pay owed taxes and defray penalties or fines by going back and filing previous years. You could also negotiate with the IRS to avoid garnished wages or income.
A few years ago, one laundromat operator failed to report income. This situation led to him pleading guilty to tax of evasion. The operator was responsible for maintaining, collecting and reporting receipts from customer sales as well as reporting cash receipts and the overall daily activities of the facility but he was using the cash for personal expenses. This is a crime and carries up to five years incarceration as well as a $250,000 fine.
This is why monies received from washers, dryers, laundry detergent or fabric softener sales, vending machine monies, games and any other type of amenities that brings in money should be reported to the IRS.
It's important to think twice before you consider failing to report income. Even if you think you might get away with cash revenue, always file your return with the correct amount.
Affordable Speed Queen Dealers in Raleigh, NC | T & L Laundry Equipment
Need help planning or designing your new laundromat? Looking for Speed Queen dealers in Raleigh, NC? Trust T & L. We have engineers on staff that are familiar with the designs and needs of laundromats. In addition, we have architects that have extensive design experience, plus we offer attention to detail in the planning of your business.
When you combine this with our location finding assistance and evaluation of demographics for the area you’ll find that we go above and beyond to help you open your business as smoothly as possible. Even more, we strive to analyze the competition, including their equipment and location. Our goal is to make your business successful. For more information or to ask any questions, contact T & L, today.
