What Research About Resources Can Teach You

Three Money Habits That Are Considered Illegal

It is a fact that every person, when it comes to money, has some bad habits. When it comes to financial management, some would spend money without clear thinking, others would keep money away from view when they should enjoy and spend it, and while others are plain and simply ignorant in managing their finances. These actions or decisions could have reasons behind them, even if cannot be accused as crimes nor a dumb action. There is an observation that the bad habits of people about their finances could range from fraud to tax avoidance. This may not be the case for some, but there is a good chance that others are practicing it on a daily basis.

Below are habits that can be considered unlawful, stupid or a mixture of the two actions, even if they appear to be benign.

The first habit is to not declare your money. Imagine you do some sideline jobs to earn extra money and being paid in cash. When you have your extra money, you spend it for whatever your purpose, and when it is time to file your tax return, not a mention of this extra income on your file. An investigation may not be conducted considering this involves a small amount, but if an auditor will discover it, you could face a vulnerable situation. Be aware of the free check stub template printables found online that will ensure you have a receipt for all money you earned, and thus you will not have fear when a tax office personnel will visit your home.

Another habit considered as a bad one is signing a check under another person’s name. Checks may not be as popular today as in the past but these are still legal tender used by mostly elderly people for their convenience. For instance a parent would ask a child to sign their names, you may be doing them a favour by doing so but actually you are forging a document and committing a crime, unless they have prepared a power of attorney for you.

The third bad habit that we can tell you is when you lie on an application. An example is during loan or insurance applications where it is a common knowledge that people perform digital trickery and change a few answers especially when the cost is much more than they can afford. This act of obtaining property under false information is actually fraud, and may be not wrong for some, but actually is punishable under the law and can put you in prison or you will be charged of a big fine.