In order to pay my bills I need digital money in my bank account. As a waitress I get a shitload of cash tips so every few months I put it into a money order to electronically deposit into my bank account. Will the IRS notice that & I'll have to explain it when filing taxes? by AmWomanDontCallMeBro in PersonalFinance

[–]Ruskeeblue 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

IRS will look at that cash. Once I deposited junk sales from my garage sale that was over $10,000 I got audited

Is there no other way to pay your bills? I pay cash for everything. I also buy gold buillon. I store it along with cash in a fireproof box. I use Ally bank , totally online. If I get a check I take a pic and submit it

I am selling on Marketplace my own junk that I already paid taxes on so I feel they should not tax me, so I had to show pics of my fb marketplace junk.

They don't go for the millionaires, they go for the poor people

In order to pay my bills I need digital money in my bank account. As a waitress I get a shitload of cash tips so every few months I put it into a money order to electronically deposit into my bank account. Will the IRS notice that & I'll have to explain it when filing taxes? by AmWomanDontCallMeBro in PersonalFinance

[–]TitsAndWhiskey 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Legally? Yes. You are required to report all tips, cash or otherwise.

Whether you do or not depends on your risk tolerance. They tend not to mess around.

In order to pay my bills I need digital money in my bank account. As a waitress I get a shitload of cash tips so every few months I put it into a money order to electronically deposit into my bank account. Will the IRS notice that & I'll have to explain it when filing taxes? by AmWomanDontCallMeBro in PersonalFinance

[–]AmWomanDontCallMeBro[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Well we receive a lot of credit card tips too which are automatically reported on our w-2s at tax time. So the IRS will already see tips reported on my w-2s. I'm just wondering if I have to make an extra effort to report these money orders I'm depositing into my bank account.

In order to pay my bills I need digital money in my bank account. As a waitress I get a shitload of cash tips so every few months I put it into a money order to electronically deposit into my bank account. Will the IRS notice that & I'll have to explain it when filing taxes? by AmWomanDontCallMeBro in PersonalFinance

[–]TitsAndWhiskey 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I mean, the IRS can look at deposits into your account no matter how it gets there.

You are legally required to report tips. Will they notice or be paying attention to your bank account?

Probably not. But if you get audited, you’re going to be in trouble. No IRS agent is going to believe that you, a server, receive almost no tips, but miraculously have a rich uncle or something that sends you thousands every couple of months.

Best advice is to report it.

Jack mn personal link by Jackmn in PersonalFinance

[–]Jackmn[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

testing 123

When you die, someone else will inherit your house and belongings. Here are some tips for making sure that your possessions are handled correctly. by ConnectedMind in PersonalFinance

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

The best thing to do is to have a lawyer set up a trust at the same time a will is written. that bypasses probate and gets the inheritance into the hands of those specified to receive it much faster.