**Credit Cards...Yay Or Nay??**

If you don't mind a paper trail, then go for it.

Saves a trip to the ATM! Plus there's that awkward spot where it says "tip" that you would feel guilty leaving blank.

I prefer a cash transaction. Plus accepting CCs insures you will have to report that income to the IRS.

cash only - always and forever...

only record of activity is weekly atm withdrawal - which I of course spend in local establishments

It's always nice to have an alternative way to pay as long as it isn't a requirement. Even though in the long run it might not make a difference, but I would be very selective on whom I paid with a CC. Emmie, you are one I would, but would still prefer cash.

Just curious although should probably be a separate thread.

What do girls do with all that cash? How do you deposit it into the bank without raising any red flags?

cash only - always and forever...

only record of activity is weekly atm withdrawal - which I of course spend in local establishments Originally Posted by nudiej

C.I.F.F.

Only if I can put it on auto pay...would that be a problem?

You can buy a gift card with a certain amount on it. A Mastercard, a Visa, or any other. If you're stopped it is less suspicious than say 200 in fresh bills from the ATM machine. A simple phone number can verify the card and the amount. You can just give the card to the provider or use just like the real thing. In the event that the provider has a felonious sideline they are limited by how much is on the card.

Cash only. No paper trail.

Just curious although should probably be a separate thread.
What do girls do with all that cash? How do you deposit it into the bank without raising any red flags? Originally Posted by love2fishfork

There's a couple threads on that in National that take that Q to deep levels.
For credit cards: A 1099-K would be issued by the credit card processor to whichever business entity has accepted the credit card for payment.
Most civie business folks accept cards, or cash,
Dogwalkers
Cat groomers
Hair Stylists
Lmt's
Artists
Landscapers
Attorneys
Therapists
Plumbers
Computer Repairs
Carpenters
Photographers
Transport Specialists
And all run all their business income and business expenses through a separate business account.
And make regular frequent deposits at a bank cause they are just a local business person.
But the credit card outfits do take a percentage that comes out if the business persons take. So I prefer cash.

Would depend on the provider. Identity theft is rampant. Would hate to buy a new big screen for a BBBJ.

Just curious although should probably be a separate thread.

What do girls do with all that cash? How do you deposit it into the bank without raising any red flags? Originally Posted by love2fishfork

For the guys, paying with a CC will give up the true identity of the person paying. OK for sum, but not for me. I like to keep the hobby life very private.


For the girls, it can be seen as a big plus. I don't see how anyone in today's society can get by without a credit card, or a bank account. Establish an LLC or at least a fictitious name with the Missouri (or Kansas) secretary of state. With the above LLC number, or S Corp, you can set up a bank account that does not reference you as an individual. The corporation is viewed as an individual. With the LLC and S. Corp. the income flows through to you on the form 1040 tax return through a Schedule C. The schedule C enables you to list both income and expenses in operating your business. Thus, the CC charges would be deposited in your corporate (C or LLC) account.

I recently talked to a young lady and asked if she got a special rate for the hotel. Yes, she said $400 per week. That is every week, or $20,800 per year (less about $800 for vacation with her children).

So she can take $20,000 worth of income which is offset by the motel expense. Plus, all of her advertising and a lot of her car expenses can be deducted along with auto insurance.

So what starts out as a big income rapidly shrinks when you add the various expenses which are deductible.

You can pay yourself a salary and declare taxes, which puts you in a job that you can use to get the credit you need both as a company and personal.

Got a big party that you got paid for, well I would never suggest that even a small part of your income could be sidetracked away from the S corp tax return. But, if you were even tempted a second set of book for only you will track what you truly earn.

For every business owner, there are benefits such as: car, dinning out, car insurance, office supplies, etc. Many accounting firms suggest that these items be added to our personal income statements, for our own use; this way the owners can understand what their real income is.

I could go on and on, but I often do that. You guys get the picture.

JR

What JR is saying is have a cover business.
However, the business and tax crap needs to be carefully setup. Look around and find someone that can be trusted ti help get it set up.