It is estimated that the IRS loses about $500 billion yearly due to unreported income. A big part of that amount is from the self-employed who simply pocket money without putting it on their books. Except for the fast-food franchises and of course the local Walmart, the small town I live in is pretty much local businesses. When I go to the hardware store, more often than not, the cash from my small sale is mostly just pocketed. I imagine the same happens in small towns across America. If the IRS is losing $500 billion that basically means that if … Continue reading Unreported Income??