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- Great post. I am in a similar position as you are. I already got laid off. I should be ok for at least a year, which now gives me the opportunity to work on an income stream I have been developing...
- hat they spend more time with their co-workers than with their friends and families and therefore want to contribute to the morale of their workplace
- I was the very definition of a jet-setting businessman. I had an American Express Corporate Card and no limits on spending
- Isn't it funny how creative we can get when faced with financial uncertainty? Being able to create side hustles, alternate income sources and additional money has always been a part of my life...
- yessir yessir yessir. you've got soul Steve, and that's why we like you. *Shadox - great comment. haha.
brip blap
life, family, the world, wealthbuilding and the pursuit of happiness
(a possibly apocryphal exchange between British Prime Minister Churchill and an unnamed socialite woman, which demonstrates that anything (or anyone) can be bought for the right amount of cash):
Churchill: Madam, would you sleep with me for five million pounds?
Socialite: My ... Continue reading »
Churchill: Madam, would you sleep with me for five million pounds?
Socialite: My ... Continue reading »
10 months ago
Having had a 'flea market store' I constantly had to deal with the sales tax issue - even tho I had a tax certificate and had it displayed next to my cash register - "if I pay cash you won't charge me sales tax, right?" After a consultation with my CPA we decided on a tax included price. Meant keeping lots of records, but I was legally doing business, paid my sales tax quarterly and my customers thought they were getting a 'real deal'. Much better in my mind than the thought of being arrested, going to jail, paying a whole lot in back taxes, penalties, etc. It does go further than just the local taxes - all the way up to the IRS. Truthfully, this day in age of sagging home and retail sales, my town, county and state need all the help they can get from sales tax.
10 months ago
10 months ago
10 months ago
I've done it in the past and even though I know it's wrong (like speeding) I'll probably do it again. I feel guilty that I don't feel guilty about it. :)
House renovation (or remodelin' as you USA types are wont to say) is another prime area for cash jobs.
Mike
10 months ago
10 months ago
Like Mrs. Micah, I occassionally leave cash tips for waitors...but I never really thought about not reporting the income.
I've never really thought about cash transactions as a way to avoid taxes. I don't know what I would do if I was asked if I would like a cash discount. It would definitely be tempting!
10 months ago
The cash economoy is the main one, it feels to me.
I am also guilty of this. It is just not the taxed to be paid by the service provider. It is the busload of forms and stuff they have to fill that turns them off.
So they charge less, remain under the IRS radar and try to live happily ever after.
10 months ago
Overseas, though, I've definitely done the "cash discount", both in US and local currency (bigger discount for local currency).
10 months ago
3 days ago