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What can i get away with claiming on my 1099? I live in NJ and I am 29 yrs old and I work for a glass company.

  • What can i get away with claiming on my 1099? I live in NJ and I am 29 yrs old and I work for a glass company. I work two jobs and this job was under the table so to speak at first but now I made about 9000 so i need to claim all this income. I am not looking to lie or get greedy, just trying to lower what i need to pay and not get caught, ya know?

  • Answer:

    By "1099" I'm assuming you mean your 1040, the tax return you're filing for 2007. Most folks don't have the option of "claiming" an amount or making their own 1099, which is a statement of interest paid, contractor wages paid, etc. If you're filling your own out, that's extremely irregular (and a little shady). But you've got a problem. You took a job "under the table, so to speak at first," but you're "not looking to lie or get greedy." Those were mutually exclusive choices. Working under the table WAS lying to get you more money. So you were going to keep it under the table, and lie to the gov't (intentionally filing false info on a tax return is a crime) if it was under a certain amount? Legally reducing the tax you owe, with legit deductions, is fine. That's very different than lying. You're 29 and should know the difference. There is an amount you made, and there are deductions you can net against that. How much can you "get away with claiming?" If it were my return, I would just be truthful and let the chips fall where they may.

Marsham at Yahoo! Answers Visit the source

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Claim the proper amount for 2007 and pay what you need to. (I know, not what you wanted to hear.) Starting *now*, though, you want to look for a tax shelter for when you file next year. If you're not looking to lie or get greedy or get caught, it's too late to lower your 2007 burden. HOWEVER, you can start on your 2008. Prepare to take the hit for last year and start planning wisely now. I know it sucks, but you can't do anything about it now (Dec. 31, 2007 was your cutoff to shelter anything) and not risk getting caught.

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