Quote:
Originally Posted by BTM
Accepting cash doesn't necessarily mean you're fucking around with your reported income, while you can, there are other benefits as Freakazoid mentioned. I know, for the business I work for takes both cash and check. 99.9% of revenue is check, and most cash gets deposited unless it's for something weird like scrap metal for which the owners/partners just split. We don't accept CC because of the overhead necessary to do so and there isn't much demand for our customers to pay with credit.
Legally, you must report all income no matter what the form, so if you follow this to the letter your W2 will look the same no matter what forms of payment you accept.
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exactly... I'm not even including 'fudging the numbers' as part of the benefit of cash.
Google the fees/costs associated with accepting American Express....and that's only one of several points.