Mark Kohler explains why hiding cash income from the IRS backfires: you lose access to credit, can't prove income for loans, and face legal trouble. Legitimate tax strategies exist to minimize side-hustle taxes legally, but you have to report the income first.
Not filing a tax return is going to be worse for you. Don't want to take the moral high ground and say, well, you should be reporting all your cash just for some other bigger altruistic reason. But what I'm saying is by just living on cash and never reporting any income and not filing a tax return is going to be worse for you. Because if you're trying to build wealth and take advantage of tax strategies where you may not even have to pay income tax on your side hustle income, there is a path for this, which I love to talk about, will keep you out of harm's way from just living on cash.
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