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View Full Version : Need advice how to show more earnings?



max
03-10-2012, 08:00 AM
Wonder if someone can help?

I have a small business. I am an s-corp and only earn a check of $3000.00/month take home pay. I desperately need to take a home equity loan and my bank says I need to earn $27,000 more per year to be are to get this loan. I thought of maybe, claiming $27,000 extra income on my taxes and paying the income taxes on that amount? Does anyone know how much approximate taxes I would have to pay on this extra claimed income. Also, is this legal? I definately would like to go about this legally. Maybe someone would have another idea for me?

Thanks in advance,
Max

Evan
03-14-2012, 08:36 PM
What you're trying to do would be illegal.

Try increasing your revenues the $27K.

vangogh
03-17-2012, 07:32 PM
I have to agree with Evan. The only legal way to show more income is to earn more income. The best thing I could think of that I think would be legal is to not take any deductions and count 100% of your revenue as income. I'm assuming that's legal.

billbenson
03-17-2012, 08:15 PM
The only thing worse than messing with the drug cartels is messing with the IRS. Keep it legal!

huggytree
03-18-2012, 08:21 AM
i can help you with ways to show 'less' earnings for a particular year, but not 'more'

make more sales is the only way i know of....work for cost and get a few new customers $27,000 worth

then raise their prices next year and lose every one of them