What expenses/deductions/credits can I get away with lying about on my tax return (eg, charity) and where should I not? And what threshold should I not exceed...

likefunny
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Tax fraud is not funny and not worth it.

likesmart

Unless you’re claiming $1000+ for charity, it’s not going to make that much difference in your refund (unless it bumps you down to a lower bracket). And if you get caught, there goes your career in a Big 4 or any accounting firm or industry finance role.

likesmart
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You're a manager? Where, at Pizza Hut?

likefunny

LOL

like

Threshold for lying on your tax return? $0

likefunnyhelpful

Taking notes on this thread...🧐

funnylike

You should definitely try and claim 100% of your house as a home office deduction!

likefunny

Good point EY 5, I should add this disclaimer to it....”OP, we are being completely sarcastic and absolutely NOT telling you to claim a 100% home office.”

Really though, OP did ask a room full of accountants how to cheat on their taxes, they can’t be surprised at the responses 😄

Nice try, IRS agent

likefunny

The standard deduction for 2020 is $12,400. So, unless your deductions are greater than that, it’s not going to do you any good. My mortgage interest and charitable were less than that. I would have had to lie about $5,000 in charity to even -reach- that amount and that def would have been a red flag

likesmart

And $24,800 for MFJ. If you don’t have a big mortgage and lots of property tax (to exceed the $10k cap), that is A LOT of charity to even exceed the Standard Deduction.

likehelpful

Lol you came to a forum full of CPAs to ask if you can lie on your tax return? What kind of response were you expecting? Go check out reddit/r/UnethicalLifeProTips instead.

likefunny

I think this manager/troll should immediately adopt 49 kids for the deductions and tax credits.....

funny

Go ask your state licensing board in person. Bring your attorney along. This is not the profession for you.

like

Considering you don’t have a schedule C or schedule F to play around with charity and investment interest expense is about all you can work with. Do you donate clothes to goodwill every year?

Charity is an itemized deduction so if you don’t have enough itemized deductions to get over 12,400 then there’s no point in lying

Damn, bunch of nerds here 😂. My spouse fills out a schedule c, so she has to do deductions. Don't keep receipts, so gonna try and be honest on it, but just want to avoid any red flags

Nerds keep their receipts, at least. It’s obvious that you are probably not giving nearly enough in charitable donations to make a difference. Do your returns and see how far away you are from the standard deduction. You would have to be $1000 of so above the standard deduction to make any real difference (I.e., more than a couple hundred in refund). In Turbo Tax you can play with the deductions and see how it really will affect your refund. You’ll see that it’s not much.

“Gonna try and be honest on it” lol backtracked real quick

He’s going to try though. That always works in an audit response....”Taxpayer X tried to be honest on his 2017 return, which is now under review for the $650,000 in additional income that was omitted, inadvertently of course.”

funny

All these nerds falling for this 😂

TurboTax pretty much solves all the answers your people wouldn't. Well above the standard deduction, and in the "low risk" category with no red flags. Thanks peeps! Keep up with those great ethics 😎!

Well you are quite the ethical manager....🤦‍♂️

Let me know what else you can fabricate when the IRS asks for substantiation. Meals and Travel I’m sure you’ll just go through your normal expenses on your credit cards and call them “business”, but it will be funny when they ask for some invoices for the $25k you are paying “ABC Ad Agency”

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