Q: Cash business only for over 30 years. Am I in trouble with myself or the law?
Earnings: 50k
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A:
If you have been operating a cash-only business and not reporting your income, you could potentially face legal consequences for tax evasion. It is important to report all income earned, regardless of whether it is cash or not. Failing to report income could result in fines, penalties, and even criminal charges.
It is recommended that you consult with a tax professional to help you get caught up on any past due taxes and develop a plan for reporting your income going forward. They can also advise you on any potential legal issues and help you come into compliance with tax laws.
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