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Hoping he will bless me with #1 | Is it illegal to take cash as a form of payment when you have a business? |
I am just curious. I am trying to put together my computer software training company and I imagine most people will pay with cash. I am going to market people in my subdivision by sending out a flyer and questionnaire.
Is it illegal to take cash when you have a business? Do you have to report it? |
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I'll fly away
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No never. Remember cash is 'leagle tender for all debts, public or private.
Now reporting it is between you and God. |
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B
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If you establish yourself as a business, then yes you have to report all income earned from that business |
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calisurferdude07
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Not at all. Every US dollar states clearly on it: "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE." The govt has this printed here for a reason. |
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carrie
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Of course its not illegal. I know i have never went to a business that said " sorry we do not accept cash". my small business has invoices and we check how they payed. they get a copy and than you. get a copy. You have to report ALL earnings. i promise you do not want to mess with the IRS. |
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*pom-pom* baby
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for me, i dont see it as "illegal" (taking cash as a form of payment in a business), as long as you KEEP TRACK & RECORD EVERY TRANSACTION for tax and income filing purposes. and YES, you HAVE TO REPORT/ DECLARE EVERY SINGLE PENNY you earned, as well as you spent when filing your taxes at the end of every tax-year, to come up with your total net & gross income, plus your other tax-deductible expenses (eg. business utility bills, medical/ professional expenses, donation expenses, etc). check with your accountant for further details regarding the right/ specific tax form for you and your busniness.
(and, if it is illegal, then ALL STORES across north america, as well as all over the world, would NOT be accepting cash either!.. imagine if dollar stores DONT accept cash.. then we would have to wait in line for an additional 3 min (PER customer) ahead of us to sign their bills for just a single item that they bought, when it'll only take them a minute or less if they paid cash!)
goodluck! =D |
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Rick B
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Why on earth would you think a business can not take cash?!?!?! Have you ever purchased ANY product or service in your life? Of course you can take cash.
Yes, you have to report the earnings. |
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Laura
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It is not illegal to take cash. What is illegal is not reporting this payments in your taxes. |
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nena
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No, it is not illegal to take cash. That's what's so good about cash...you DON'T have to report it. I have my own business and I deposit some of the cash into my business accounts and most I just keep and use it to buy everyday stuff...groceries, pay bills, haircut etc.
The person that I bought the business from said she took about 10,000 a year in cash that she did not report. So you can too. Good Luck. |
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w13sgirl
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It is not illegal if charge tax on it, and legally, you do have to report it, but if you are feeling sneaky, just dont report it, and dont leave any record of it. |
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