Off Record Income

[Anonymous]

I have been at the same job for about 2 years now.  I make 26000 on the books income, and I get an expense check for around 300 per week.  Is there any way to include my expense check into my income, as it is not taxable? 

[DallasLoanGuy]

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dendrokeeper wrote:

I have been at the same job for about 2 years now.  I make 26000 on the books income, and I get an expense check for around 300 per week.  Is there any way to include my expense check into my income, as it is not taxable? 

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what does the expense check cover?

expenses associated with the job?

Message Edited by DallasLoanGuy on 06-15-2008 04:46 PM

[Anonymous]

Kind of.  It includes mileage, cell phone, and a stipend.  It averages out to like 14000 a year.  I started making copies of both of mychecks. Will that be enough?

[DallasLoanGuy]

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dendrokeeper wrote:

Kind of.  It includes mileage, cell phone, and a stipend.  It averages out to like 14000 a year.  I started making copies of both of mychecks. Will that be enough?

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Automobile Allowances and Expense Account Payments.

Only the amount by

which the borrower's automobile allowance or expense account payments exceed

actual expenditures may be considered income. The borrower must provide IRS

Form 2106, Employee Business Expenses, for the previous two years to establish the

amount of income that may be added to gross income. The borrower also must

provide verification from the employer that these payments will continue. (If these

calculations show a loss, that amount must be treated as a recurring debt. If the

borrower uses the standard per-mile rate in calculating automobile expenses, as

opposed to the actual cost method, the portion that the IRS considers depreciation

may be added back to income.) Additionally, the borrower's monthly car payment

must be treated as a recurring debt; it may not be offset by the car allowance.