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  #1  
Old 05-11-2011, 11:35 PM
l3randonf l3randonf is offline
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Join Date: Apr 2011
Location: Dallas, TX
Posts: 174
Do you claim your cash payments?

So... when people pay your cash, do you claim it? How do you document these things? One guy I talked to said he documents all his cash payments in a seperate binder and never reports cash.

Also, do I HAVE to get a tax id number? I just feel like I'm missing some important legal steps when starting this solo gig up. I do know that I need to get a DBA form filled out, but anything else?
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  #2  
Old 05-11-2011, 11:44 PM
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PROCUT1 PROCUT1 is offline
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Join Date: Dec 2003
Location: TN
Posts: 4,844
Let me help you

Rule number #1. If youre going to do something that is breaking the law.....Even if "everybody does it" you dont discuss such on a public forum. You dont even discuss such with anyone.

Its like having an affair. Its all fun and games until someone finds out.

Rule Number 2.....Go grab a beer and prepare for the flames you are about to receive on here from others...

And my personal advice....Before you mow your first lawn.....Get an accountant....They will walk you through everything you need....There are many questions that you will have that cannot be answered on here because they vary by state and local area...
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Trying to figure out how to get rich and not leave my bed.
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  #3  
Old 05-11-2011, 11:50 PM
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Kelly's Landscaping Kelly's Landscaping is offline
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Join Date: Dec 2003
Location: Milford CT
Posts: 3,716
You beat me to it procut


Any one who is breaking the law is never going to admit it on here its a very poorly thought out and silly question.

I do love the customer's that offer it to me like its some huge savings the question is but what if I pay cash? And my reply I haven't paid income taxes in 9 years I have that many deductions so pay your sales taxes like every one else and if you don't like them stopping voting Dem.
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  #4  
Old 05-12-2011, 12:01 AM
l3randonf l3randonf is offline
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Join Date: Apr 2011
Location: Dallas, TX
Posts: 174
so you have to pay taxes on the income and then pay taxes again on the sale? So a $25 job turns into what exactly?
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  #5  
Old 05-12-2011, 12:16 AM
MrCake MrCake is offline
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Join Date: May 2011
Location: Kingston Ontario
Posts: 13
You give the the government the sales tax that customer paid not you, and pay income tax on your profits after expenses.
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  #6  
Old 05-12-2011, 12:23 AM
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PROCUT1 PROCUT1 is offline
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Join Date: Dec 2003
Location: TN
Posts: 4,844
Oh boy

PLEASE for the love of God, get an accountant.

You are going to find yourself in deep doo doo if you dont.
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  #7  
Old 05-12-2011, 12:40 AM
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cpllawncare cpllawncare is offline
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Join Date: Apr 2011
Location: Greenville, SC
Posts: 2,647
Quote:
Originally Posted by l3randonf View Post
so you have to pay taxes on the income and then pay taxes again on the sale? So a $25 job turns into what exactly?
First of all there are no $25 jobs your way out of range if that's all your charging, except if your just showing up to chat a little and get to know his daughter a little better.
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  #8  
Old 05-12-2011, 12:50 AM
blk90s13 blk90s13 is offline
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Join Date: Sep 2005
Location: Howell,NJ
Posts: 1,458
Quote:
Originally Posted by cpllawncare View Post
First of all there are no $25 jobs your way out of range if that's all your charging, except if your just showing up to chat a little and get to know his daughter a little better.
you get paid for chatting wow
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  #9  
Old 05-12-2011, 02:02 AM
newz7151 newz7151 is offline
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Join Date: Sep 2005
Location: Tejas
Posts: 2,471
Quote:
Originally Posted by PROCUT1 View Post
Oh boy

PLEASE for the love of God, get an accountant.

You are going to find yourself in deep doo doo if you dont.
How exactly will he find himself in deep doo doo? This is Texas, they only go after and bother the people TRYING to do it legally, the ones already on paper.. they sure as hell aren't going to spend time following up on leads relating to somebody NOT doing what they are supposed to be doing.
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  #10  
Old 05-12-2011, 07:12 AM
mdlwn1 mdlwn1 is offline
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Join Date: Jun 2007
Location: new jersey/new york
Posts: 2,445
Quote:
Originally Posted by PROCUT1 View Post
Let me help you

Rule number #1. If youre going to do something that is breaking the law.....Even if "everybody does it" you dont discuss such on a public forum. You dont even discuss such with anyone.

Its like having an affair. Its all fun and games until someone finds out.

Rule Number 2.....Go grab a beer and prepare for the flames you are about to receive on here from others...

And my personal advice....Before you mow your first lawn.....Get an accountant....They will walk you through everything you need....There are many questions that you will have that cannot be answered on here because they vary by state and local area...
couldn't have said it any better
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