What should I do with all my cash?
I own a small business, and to avoid some taxes I accept payment in cash sometimes. It's getting a little obscene, I now have about $5k in cash in my desk.
So I could put this cash into a safe deposit box? Buy a safe and store it at home? Buy BTC?
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Buy food/gas, or anything that's few bucks here and there, or go to casino :^)
Thanks but the cash flow is beginning to exceed these expenses.
But if I go to the casino and "win" money don't i still have to pay taxes on the winnings?
Just go to your bank and cash like $4,900 If they ask say you sold a dirtbike or atv on craigslist.
Buy something that you would otherwise not buy.
The question is what percentage is your tax dodging cash relative to your total income.
If your cash is an enormous part of your business, you'd probably be better off paying taxes on a lot of it to avoid suspicion. If it's a few percent of your total profits, it's overhead that won't measurable impact your quality of life enough to attract attention.
Start using cash to pay your bills. Mortgage payment due? Mail them cash. Electric bill? Cash.
This is exactly what I was thinking. What's the cutoff though? How much can i put into the account per year without raising suspicion?
I'll make about $60k this year (40 on books, 20 in cash)
I rent. I'm going to use my rent as a tax deduction since I use my apartment for work stuff. So don't I need a record of payment to the landlord?
That's getting pretty high. I mean, as long as you aren't buying any obvious luxury items like a nice car, you probably wont get caught, but percentage wise you are definitely living well above your means.
If you buy a house, sinking that cash into renovations is a great way to get yourself a nice home, especially since general contractors are often willing to give cash discounts too, and there's practically no receipts for anything. Easy way to sink lots of money into something you want without a trace of it because labor and materials are so arbitrary depending on whether you can find surplus warehouses/auctions, and if you do stuff yourself.
If you are making $20K in cash, you really ought to pay some taxes on it.
Eventually the IRS will get wind and you'll pay more for lawyer fees trying to settle back taxes.
It doesn't mean you should disclaim all of it.
Just enough to avoid suspicion.
This is actually good advice.
First biz post in awhile were I learned something
>How much can i put into the account per year without raising suspicion?
Usually $10k/mo will go under the radar.
You could launder it back into your business and then use it to buy supplies to then deduct.
This is retarded. OP is making 40k of recorded income a year, and you think the IRS wont notice he's depositing 10k a month out of fucking nowhere?
I was referring to his 5k sitting in his desk.
I'm saying generally bank fraud dept generally isn't trained to assume that money is being laundered unless it is in excess of 10k a month. obviously this situation doesn't apply to him.
> safe place
> buy 5k in bitcoin
> bitcoin worth 1
>safe place
I think you can buy cars and shit but place it under company vehicle etc, business expenses, it's rediculous the amount you can buy this way and it's deductible at the end
Read up on what you can do
The dr who saw the writing on the wall in 2007, 2008 and made a fortune while everyone else lost jobs and houses, went on to invest in water.
There's obviously limits on what you can shove through it, but 15k a year for a decent house is nothing when it comes to a bunch of basic property upgrades, and his remaining 5k is going to easily be lost in margins for error with things like groceries, or other random cash transactions. Buy higher quality materials. Get the 30 year roof instead of the 10 year one. Buy damn fine hardwood floors instead of linoleum. Make sure things are properly insulated. Get a monster AC unit at a refurb/surpluss auction. On demand water heaters. The list is endless. It's easy to sink money into quality, and that investment pays off in the future, especially if you don't plan on moving because you don't have to replace things. Even if you do move, a quality home can be sold for more if you don't mind waiting a while to find the right buyer who appreciates construction that isn't modern popsicle stick garbage.
Just cross all your t's and dot all your i's. Get building permits for everything. Get everything properly inspected like a good little homeowner. If anyone asks, you have permits, but things are a work in progress when you have free time. Town isn't going to look into it at all because you are increasing the value of the property, and that means more taxes for them. The IRS won't have any real evidence to go after you if you pay taxes on even some of your cash, and more to the point, they don't really go after small fish anyways.
I'm not someone who advocates actually going through with tax evasion because of the risks involved, but practically speaking, some things are simply never going to get looked at by anybody if you aren't already under extremely heavy scrutiny to begin with, and those things tend to be sound investment decisions even if you aren't evading taxes anyways. If you have a business where there's zero evidence and zero creative accounting to hide things, you can get away with it for a long time.
Use it privately. So when you go on holliday bring your cash or just buy your groceries with it. As long as the stuff you buy is not too big, the government will never know.
You can also buy bigger stuff with it. Get a part of the money from the atm, then pay the remaining with your cash.
Itt money laundering and structuring
start paying your taxes, degenerate.
>paying for poor people to get fat, and pop out kids
>paying for super expensive bombs just to get dropped on mudhuts in shitfuck, muslimistan
>paying for subsidies that intentionally make the market anti-competitive
ayy lmao
why don't you go live in the jungle then? The existence of taxes is what allows you to have a business and people giving you dollars for your services anyway
What did he mean by this?
convert it to gold and lock it away in a safe
Tax rates on $60k is so low why the fuck are you making a big deal over it? Baww that $20k cash owes about $3k tax to be 100% legit but instead I will buy a safe and watch out for the government coming to get me
HAHAHAHA >5K
Tfw you have a business generating 300k/year and have 55k in liquid cash laying around in house.
>Laughing because he has a significance amount of cash in his home
>Literally a fucking moron waiting to get robbed
See you in a /rekt/ thread buddy
>This is exactly what I was thinking. What's the cutoff though?
The banks won't report any deposit under $10k to the IRS. But if you go in every month and make a deposit of $9k, the IRS will probably catch on. I would suggest that you slowly make cash deposits and start reporting your earnings.
fuck off degenerate
>The banks won't report any deposit under $10k to the IRS.
Objectively false. The banks are required to report deposits over 10k, but they can and frequently do, report smaller deposits, particularly if they suspect fraud.
Personally i think cash looks suspicious. And so will the feds. If it were me id pay my taxes like a goddamn patriot.
That being said our government is ran by samesex having cucks and im fucking over it. So u do wtf u want.
I would suggest buying physical gold and silver etc. And burying it somewhere safe. Precious metals and gyms are relatively liquid so its almost as if you had cash. They keep better than cash if they get wet or weathered or rodents.... and if there is a huge soike u can always convert back to cash.
Just be sure and do it in person so no papertrail. Maybe several shops. Small $500 buy or sell max per store.
Or buy guns and gunsafe. Get quality used guns and hold.
GG. Or actually buy big ticket cl toys, play with them, buy sell trade.
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I don't think anyone in this thread is seriously arguing that it's not illegal. It's just a question of getting caught.
Awe, look at this good lil bootlicker he mustve spent an hour finding all those links
>The banks won't report any deposit under $10k to the IRS.
Not true at all, they have a mandatory amount of suspicious activity reports they must file every month, so they are looking for ANYTHING to meet that quota because they HAVE to. Not all SAR's get followed up on obviously. But they look for smaller amounts too, I've heard of people depositing 4k and getting reports written up.
This was my top option, but EVENTUALLY I'll wanna use the asset to buy something and Im right back at square one.
pics?
I heard if you get audited the IRS can take a look at your bank records
does anyone actually have sources to back that up? Not that I care but Ive seen like 3-4 people claim this seemingly out of thin air
He meant that taxes don't just pay for bombs and welfare recipients, you cunt.
I guess one route would be to wait until you have a bad year and report the income at a lower tax rate.
thats probably not legal either desu