Over-declare income by $60K

[songsongpunggol]

you will be paying off massive amounts of debts through your entire life.

 

[lifeafter41]

If I over-declare my income by $60K for two years straight, I can get a credit card with much larger credit limit from at least 3 or 4 different banks.

What's the catch? Other than paying a slightly higher tax than I should actually be paying?

After that???
Max out credit card, withdraw cash, then run road???

Come to think of it, maybe good idea!!
If over by 60k, assuming, overall is 120k.
5 banks enough?? 5 credit cards.
600k, then run road.

Worth it???

 

[scroobal]

People who run their own business have the ability to manage their accounts in a legal manner in order to show results in to secure financial arrangements. One example is to defer expense related items - don't move to better and less crowded premises, not replace machinery etc.

 

[Narong Wongwan]

After that???
Max out credit card, withdraw cash, then run road???

Come to think of it, maybe good idea!!
If over by 60k, assuming, overall is 120k.
5 banks enough?? 5 credit cards.
600k, then run road.

Worth it???

No need run road. Declare bankrupt. Financially ruin but no need go jail one.

 

[shctaw]

Just park $200,000 with DBS.

You get black elite Amex card.

If I over-declare my income by $60K for two years straight, I can get a credit card with much larger credit limit from at least 3 or 4 different banks.

What's the catch? Other than paying a slightly higher tax than I should actually be paying?

 

[eatshitndie]

Because if I put myself into a higher tax bracket, my income tax rate will increase.

uncle sam wants me to file in a higher tax bracket, but i contribute to charities and donations to get deductions and reduce taxes. everything is transparent and documented. the best way for an individual to reduce personal income tax liability is the use of 1099 via a business enterprise. deductions can be made on "business-related" expenses. but it's open book during auditing, and there's no way to hide or room for "creative accounting". if caught you will be indicted for falsification and fraud, and worse, tax evasion. in your case, it's an enigma. you are the opposite. instead of tax evasion, it's tax exuberance! only folks like warren buffet is willing to pay more tax. but he can't over-declare. he'll go to jail for falsely bloating his earnings. a lot of ceo's and cfo's are in jail for reporting incomes that are not there.

the sg irs may forgive you.

 

[DogVader]

Just park $200,000 with DBS.

You get black elite Amex card.

Real or not?

 

[Thick Face Black Heart]

a lot of ceo's and cfo's are in jail for reporting incomes that are not there.

For publicly listed companies, yes, that's an offence by SEC regulations. Its tantamount to dishonestly manipulating your stock price. Worse if you own stock options that are dependent on your stock price, then its outright robbery. No different from your HK triad/thug.

 

[GoldenDragon]

No need run road. Declare bankrupt. Financially ruin but no need go jail one.

Runroad is for ah long cases. For banks, yes, just declare bankrupt. I know at least 3 in the latter catefory driving super nice cars though officially, they are bankrupts. One even drove a taxi for 12 months just to appear more convincing. In the evenings, he hang flowers like a millionaire. Was told he 'swindled' several banks. Smart bloke.

 

[eatshitndie]

For publicly listed companies, yes, that's an offence by SEC regulations. Its tantamount to dishonestly manipulating your stock price. Worse if you own stock options that are dependent on your stock price, then its outright robbery. No different from your HK triad/thug.

yes, they're hedging their bets on stock price appreciation as that's where most of their ill-gotten "wealth" are derived. salary-wise, it's peanuts compared to stock options.

 

[Narong Wongwan]

Real or not?

Dun come here 'pretend' as if you got 200k to set aside as collateral.
Blame pap why your bank account only left measly $20 that you can't even withdraw from the ATM! Lol!