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  #1  
Old 07-02-2013, 08:46 AM
derekrruff derekrruff is offline
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Join Date: Mar 2013
Location: South Carolina
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Cash vs Check Payments

For my last two new accounts, I have given the customer two different quotes: One quote being a price if paid with check and the second being a cash price with the cash price being lower. Do any of you do this and what do you think of it? Needless to say, I got both accounts with them agreeing to pay cash.
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Old 07-02-2013, 08:53 AM
macgyver_GA macgyver_GA is offline
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Join Date: May 2010
Location: Canton, GA
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Why?

A check for $100 deposited in your account and $100 cash deposited in your account both equate to $100 more in your bank account.

I have one customer who pays me in cash and another who occasionally pays cash. I bill monthly so most of the time it's checks or occasionally credit cards. The ability to deposit checks via ATM is a godsend!
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  #3  
Old 07-02-2013, 09:00 AM
derekrruff derekrruff is offline
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Location: South Carolina
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Because of taxes.
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  #4  
Old 07-02-2013, 09:10 AM
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JB1 JB1 is offline
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Location: From the hills of beautiful Southern Indiana
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Quote:
Originally Posted by derekrruff View Post
Because of taxes.


Take the money then, put it in your pocket and keep your big mouth shut about it. And don't talk about it.
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  #5  
Old 07-02-2013, 09:56 AM
Jaybrown Jaybrown is offline
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Location: Toronto Ontario
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Cash vs Check Payments

You can lose your business over cash jobs.
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  #6  
Old 07-02-2013, 10:18 AM
derekrruff derekrruff is offline
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Your right. I never even thought about that. Won't do that again.
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  #7  
Old 07-02-2013, 10:35 AM
macgyver_GA macgyver_GA is offline
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Join Date: May 2010
Location: Canton, GA
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Quote:
Originally Posted by derekrruff View Post
Your right. I never even thought about that. Won't do that again.
Also, drop the cash under the table mindset if you ever intend to become professional at this. Most customers would find that shady. If you build the taxes into your costs and save your money throughout the year, taxes shouldn't be a problem. The IRS will find you.

I have a good friend of mine who used to flip cars for cash...I'm talking high end and niche cars making 10-15k profit on each flip and would keep hoards of cash at his house and had to strategize when and how much to deposit in the bank to avoid detection. He had multiple accounts at multiple banks to spread it out. Well, one day he got a letter from the IRS saying he owed them $20k in taxes and basically pay up or we'll audit you. In the letter, They listed all of his bank accounts and the balances in each account.

He paid the $20k and that scared the **** out of him. He quickly realized he couldnt stay under the radar anymore and became 100% legit. Got an llc and his dealer's license and started buying from auctions and selling legit. He'll tell you doing it legit and paying taxes is way less stressful than always looking over your shoulder. Not to mention it's way more professional and he makes more than he used to when he did stuff "under the table".
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  #8  
Old 07-02-2013, 06:21 PM
Turf Z Turf Z is offline
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Location: Midwest
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And this is why people who run businesses hate solo operations.
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  #9  
Old 07-02-2013, 06:27 PM
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Junior M Junior M is offline
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Join Date: Jun 2008
Location: South Carolina
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I am not a solo operation and I don't say anything about cash.. If they pay me cash, good. If they pay by check that's good too.

But if they pay in cash it gets stored away at home for a rainy day..
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  #10  
Old 07-02-2013, 06:32 PM
larryinalabama larryinalabama is offline
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Quote:
Originally Posted by Turf Z View Post
And this is why people who run businesses hate solo operations.
You don't take cash???
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