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Thread: cash jobs

  1. #1
    Join Date
    Jul 2004
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    164
    Just went into business and finished my first job. Homeowner paid me 4000 dollars in cash. I won't actually sit down with my accountant until the end of the month so looking for a little advice here. Should I act like the job never happened because there is no paper trail, not deposit the money in my business account and slowly spend it on personal expenses?

  2. #2
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    Feb 2003
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    South Carolina
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    what do you think would be the right thing to do?

  3. #3
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    Sep 2002
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    South Dakota
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    It is interesting that you even have to ask. That in itself says something about your value system.


  4. #4
    Join Date
    Jul 2004
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    Please..............like it doesn't happen all the time. Nevermind I'll just wait to talk to my accountant. Will not even waste my time with other comment :-)

  5. #5
    Join Date
    Dec 2002
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    9,871

    IMO

    We already pay TOOOOOOOOO much tax!!

  6. #6
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    South Dakota
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    Re: IMO

    Originally posted by rob10
    We already pay TOOOOOOOOO much tax!!
    The fact that we pay too much in taxes (To which I agree) has nothing to do with doing the morally right thing!


  7. #7
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    Feb 2003
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    South Carolina
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    pay or not its what you have to sleep with

  8. #8
    Join Date
    Dec 2002
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    9,871

    okay then

    Originally posted by NormChris
    Originally posted by rob10
    We already pay TOOOOOOOOO much tax!!
    The fact that we pay too much in taxes (To which I agree) has nothing to do with doing the morally right thing!

    WHAT is the right moral thing to do??

  9. #9
    Join Date
    Sep 2002
    Location
    South Dakota
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    Re: okay then

    Originally posted by rob10
    Originally posted by NormChris
    Originally posted by rob10
    We already pay TOOOOOOOOO much tax!!
    The fact that we pay too much in taxes (To which I agree) has nothing to do with doing the morally right thing!

    WHAT is the right moral thing to do??

    Have you been watching too much South Park rob?

  10. #10
    Join Date
    Feb 2003
    Location
    S.W. PA
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    3,298
    lots of loans go off of deposits into bank account
    and up to 18 yrs for tax evasion ( got a buddy doing 6.5 yrs) hope this helps only you can choose but i report EVERYTHING

  11. #11
    Join Date
    Feb 2003
    Location
    NH & Cebu
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    1,608
    Originally posted by levi
    Just went into business and finished my first job. Homeowner paid me 4000 dollars in cash. I won't actually sit down with my accountant until the end of the month so looking for a little advice here. Should I act like the job never happened because there is no paper trail, not deposit the money in my business account and slowly spend it on personal expenses?
    Careful. Big brother is looking over your shoulder. Of course we know the right thing to do is give big brother his 50%. Yes, that's the right thing to do. Give him his 50%

    [Edited by hvacmd2002 on 01-08-2005 at 10:28 PM]

  12. #12
    Join Date
    Mar 2004
    Location
    NJ
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    1,214
    AS Dirty Harry would say "Do you feel lucky today?"


    Truthfully you probably wouldn't get caught for that but 2/3 years down the road when it becomes a standard practice because once you do this time whats to stop you any other time and been my experience it's a numbers game the more often I did bad stuff the more likely I would get caught and as your business grows the numbers get bigger and thats when the IRS starts getting interested. Though I have to admit I never lost sleep over any money I forgot to report to the IRS but eventually it evened out as one year they decide to reconfigure my accounting practices and I had to pat them off over time. Maybe all in all I made out $$ wise but the headache of having accounts frozen at your bank, the treatment by them like your scum of the earth worst kind of criminal to ever live is not fun.
    thehumid1-------I live in NJ, a state where it's free to come in but you have to pay to leave!

  13. #13
    Join Date
    Feb 2004
    Posts
    2,457
    Think of it this way. Say in a few years you want to sell your business and you are skimming a lot off the top thru cash jobs. How do you convince the buyer "oh I make a lot more than the books show, I steal all the cash". Try and put a value on that. THAT is real blue sky

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