Dealing with Cash in regards to Taxes, etc.

[skinnyhb]

alright, so i have a couple of thousand dollars in cash from work. i would say a little less than 20-30% of my income comes from cash. am i going to get myself in trouble with the IRS if i start depositing a bunch of cash in my bank account?

[goodcents]

A couple of thousand is not "alot of cash"I run two businesses and that is an "average" deposit (no it's not all mine less payroll, etc....about a buck fifty left)

[StoneGRMI]

Not unless you get audited! I would claim some but not all if you're in a job where you are known to get cash as part of the job i.e.:bartender, server, bellhop..

[goodcents]

Why would you deposit it anyway? just lock it up in a safe and set on it with the shotgunWorks for me


*The goodcents investment plan*

[m8intl]

The bank will notify the IRS of all deposits of, or in excess of, 10k.

[Mojoman]

You dont need to deposit it or claim it if you dont want to bring attention to yourself. Tax laws require that you claim additional income if you make over $600. In other words if you do a part time job over a weekend and make $200 extra you dont have to claim it. But if you make $601 you do.

[skinnyhb]

so, throwing it in a safe is the best bet?

[Mojoman]

so, throwing it in a safe is the best bet?

Spend it any way you would use a debit card. Buy consumable items with it such as food, fuel, supplements, gift for your girlfriend (unless its something extremely expensive) clothes, workout items like gloves, belts. Just dont go putting it on a down payment for a house or car or anything thats noticable. Still though, you would be surprised how much money you could save from your ACTUAL pay check by buying everything consumable with your cash. You can even pay your phone and electric bill with it.

[gixxerboy1]

The bank will notify the IRS of all deposits of, or in excess of, 10k.

eaxactyl.

We used to do deposits of a couple grand every few days and it was never a issue,

BTW I'm being audited now and they never brought any of that up.

[Kratos]

The bank will notify the IRS of all deposits of, or in excess of, 10k.

Also if you buy anything cash over 10 K for example a car the business is required to report you to the IRS and they can't notify you or discourage you from making the purchase. Just spend the cash for everything bars, dinners out, gas, grocery store, clothes and put your paycheck in the bank. A few grand deposited won't raise any red flags.

[QuieTSToRM33]

You got that $40 you owe me ?