Originally Posted by Krafty
Low baller paying taxes on cash under the table?? Please tell me that your not that naÔve, and were just trying to make a point?
So many scenerios, its a whole other subject.
What exactly is a low baller?
I'm sure I have been called a low baller, more than once.
I have a buddy that own a concrete finishing company. Small company. He does not have business instinct, but he knows how to do a perfect job of pouring and finishing concrete, and he also builds houses.
He primarily does concrete work for builders. So therefore....he works cheap, as we all know how builders don't pay full value for anything.
So he had two employees that he was paying $200 / day EACH....CASH. Under the table.
Well guess what.
That caught up to him. Since his checks were made out to his company, he had to deposit them, and since the builders send out 1099's. Which means he had to claim all the income. But since he paid 2 guys each $1000 per week, cash......by buddy was socked with a $50k bill from the IRS. It caught up to him. He had to file chapter 13.