“Under the Table” Payments
Jul 26, 2021Never pay anyone “under the table.” For one thing, you will not get a business deduction for the payment. This means you end up paying the federal, state and local income taxes, as well the social security tax. In essence, it ends up costing you up to 50% more! In addition, you are also setting yourself up for a lot of potential problems. Remember, the person you make this kind of deal with today may be the person who will report you tomorrow. It is just not worth it.
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