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Thread: cash jobs

  1. #14
    Join Date
    Nov 2004
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    1,088
    here is an idea why not just report 1/2 of it?

    well also you said there is no paper trail for this job what if something goes way wrong won't the homeowner hunt you down? trust me just because the home owner says that there is no paper trail of the money there probly is becasue they also want to keep their stuff straight

  2. #15
    Join Date
    Jul 2004
    Location
    Bennettsville, SC
    Posts
    248
    coorect if im wrong but isnt there a deduction on your personal tax return for home improvements/repairs that the homeowner would like to use ($4000) in his own behalf...maybe you get caught or maybe you don't...maybe you get to see your wife and kids everyday of the week or maybe during visiting hours...IMO I like seeing my wife and 3 children 7 days a week......................

  3. #16
    Join Date
    Sep 2002
    Posts
    4,970
    Not into the idea of looking over my shoulder for something that I probably should not have done. What goes around comes around and in my experiance if you try getting away with someting you shouldnt it always bites you. And the others are right , if you start this now are you going to be wondering all the time if you should be cheating a little more on the next job you get. Its a bad habit to get into, if you start cheating on this stuff will you start cheating on other things such as standing behind your work, paying your accounts , treating employees fairly......once you start cutting corners where do you stop and how do you keep respect for yourself? Im not trying to make a big deal of it but once you start doing something in your heart you know isnt right ,that your asking us about it.......? Oh and by there being no paper trail, does that mean you didnt right the cost of the furnace or parts of what ever you did off on your taxes ? If they audit you and ask where that furnace or a/c you wrote off went, what are you going to tell them? just something to think about. Once you get caught doing something dishonest they will watch you forever.

    [Edited by dec on 01-09-2005 at 02:01 AM]

  4. #17
    Join Date
    May 2001
    Location
    Bennington, Vermont U.S.A.
    Posts
    13,864
    Ask Martha Stewart, "what is the right thing to do."

    This is really no place to ask a question like this--ON THE INTERNET!

  5. #18
    Join Date
    Jun 2001
    Posts
    3,916
    If you talk to your accountant about it and want to do this , then you are screwed. Think he'll put his career on the line for you?

  6. #19
    Join Date
    Jan 2004
    Location
    Burleson, Texas
    Posts
    1,741
    Why not show it- because after you calculate cost,overhead,depreciation and etc..you probably lost money anyway.....So just make money the old fashion way--write it off !!!!!

  7. #20
    Join Date
    Jul 2004
    Posts
    173

    Smile

    Thanks gentlemen for all the replies, the one's that weren't preaching I paid a lot of attention too. I will not even bother my accountant with that question. Mr. Andserco this is for you! 2 day job...2 men....$1400 in materials.....$1600 direct and indirect overhead....you can figure out the rest. Just because I ask some stupid questions on the internet doesn't mean I'm totally lost here:-)









  8. #21
    Join Date
    Aug 2003
    Location
    Baltimore area
    Posts
    1,818
    No paper trail huh? LMAO yea right !!! When the person who you did this job for goes to sell their house and there is a profit they are taxed on that profit. They are taxed on every dollar over what they paid for the house. If they have reciepts showing home improvement and upgrades to the home all that is deducted from the profit. So what you are telling us is that your customer is willing to pay taxes on $4000 that he would not have had to if there were a reciept ?? HMMMM I would think twice about that .

  9. #22
    Join Date
    Jul 2001
    Posts
    3,112
    What other skills do you have to fall back on? Don't start your new venture by being dishonest. Put the money in your business account and carry on. If you start out dishonest, it will gnaw at you and you will get to the point where you figure everyone else is dishonest too. Just my opinion.

  10. #23
    Join Date
    Jun 2001
    Location
    Michigan
    Posts
    12,077
    Originally posted by troyorr
    What other skills do you have to fall back on? Don't start your new venture by being dishonest. Put the money in your business account and carry on. If you start out dishonest, it will gnaw at you and you will get to the point where you figure everyone else is dishonest too. Just my opinion.
    There is a lot of truth in that.

    Your not some big company with tons of work just yet. A small fledgling operation needs cash in the bank. As you begin to have credit needs, which you will, you'll need to show how well you earn money for your business. There are many other reasons why as well but. One other off the top of my mind would also have to be about the end of the year. Since your in your first year of operation, that 4 grand, at the end of the day once you have expensed out all your costs, it may be a wash anyway.

  11. #24
    Join Date
    Jan 2004
    Location
    Earth
    Posts
    4,879
    I have seen many contractors do this. Basically it is stealing from the American people. These same contractors will fire a guy for taking an extra fifteen minutes at lunch. Because they are stealing from them, go figure?
    A Diamond is just a piece of coal, that made good under pressure!

  12. #25
    Join Date
    Sep 2002
    Location
    South Dakota
    Posts
    6,579

    I stated the case based upon morality while others upon business reasons. It is interesting to note that the moral thing to do is also what is best for the business!


    Norm

  13. #26
    Join Date
    Mar 2003
    Location
    Cincinnati
    Posts
    7,977
    How is there no paper trail? Did you just find all this equipment on the side of the road and you installed it in this persons house and they didn't get any type of receipt?

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