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ARNOLDS PARK, Iowa — For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. For just as long, she deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account, almost $33,000.
The Internal Revenue Service agents did not accuse Ms. Hinders of money laundering or cheating on her taxes — in fact, she has not been charged with any crime. Instead, the money was seized solely because she had deposited less than $10,000 at a time, which they viewed as an attempt to avoid triggering a required government report.
Army Sgt. Jeff Cortazzo of Arlington, Va., began saving for his daughters’ college costs during the financial crisis, when many banks were failing. He stored cash first in his basement and then in a safe-deposit box. All of the money came from paychecks, he said, but he worried that when he deposited it in a bank, he would be forced to pay taxes on the money again. So he asked the bank teller what to do.
“She said: ‘Oh, that’s easy. You just have to deposit less than $10,000.’”
originally posted by: Indigent
All of the money came from paychecks, he said, but he worried that when he deposited it in a bank, he would be forced to pay taxes on the money again. So he asked the bank teller what to do.
I think these people just made several 9,999 deposits or something like this that looks suspicious as a way to avoid taxes, which at the end is what this man tried to do, avoid taxes.
But yeah governments , why they take money, aren't we all innocent until proven guilty?
Not anymore it seems, institutional thievery
originally posted by: MichiganSwampBuck
I've heard of this before, about $10,000 deposits being a red flag. They would figure it out if you had different bank accounts and then made transfers when you needed a bigger chunk than 10-Gs. Basically the bulk of your hard earned money isn't safe in the banks anymore due to policies, hacking and government agencies ready to ambush your accounts. These days, if you want to keep your money, you should find a more secure place than a bank account or safety deposit box, someplace safer is needed.
It seems to me that it would be best to invest in and make money from your own business. So, unless the IRS attacks your physical assets, they will only get the money you claim on your books and send them in April. You need to keep clean books etc., have no unexplainable assets and deal only with people you can trust when it comes to big business deals. Keep your reserves in hard to trace assets like cash and commodities that are spread around your family, friends and associates. Use the bank as a paper trail that never exceeds the ceiling you set in regards to income. Claim a reasonable amount of income, write offs and deductions and send the IRS some money at tax time, even if you are at or under the taxable level.
IMO, it is getting close to the time when we will be forced to do cash only transactions and barter. The time will come when even the most basic products will be top dollar, black market commodities. When you do have to engage in these type of transactions, locate safe public meeting areas like parks, public lands, truck stops, rest areas, car pool parking, etc. and bring two or three people to watch your back while your making these transactions. Keep it out of sight but looking casual and don't deal with contraband that the police would be interested in.
originally posted by: rockpaperhammock
a reply to: crazyewok
Well then i can certainly play where's waldo after that