Nooo, not to buy drugs or stash under their beds and yes of course we always deposit and report ALL of the incomes, lets just say that person forgot that time... what do they do?
Do they actually deposit all the cash into the bank and try to write them off creativity instead of not depositing some of it at all?
Because that's my question, if they don't deposit some of it, what do they do with e.g. a thousand hundred dollor bills?
2006-06-26 02:52:42 · 7 answers · asked by 3120007 1 in Business & Finance ➔ Small Business
They deposit somewhere with the highest rate of return, usually in daily money market accounts.
2006-06-26 03:13:27 · answer #1 · answered by adventuremantraveller 3 · 0⤊ 0⤋
It doesn't matter if the owner deposits the cash or not, the government still gets their share. Taxes are not calculated based on deposit amounts. They are calculated based on income minus deductions, or net adjusted income. What they do with their cash is their business, the taxes will be tracked regardless.
Brandon O'Dell
O'Dell Consulting
(316) 361-0675
bodell1@cox.net
http://www.bodellconsulting.com
2006-06-30 01:49:07 · answer #2 · answered by bodellconsulting.com 3 · 0⤊ 0⤋
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2016-11-15 06:50:00 · answer #3 · answered by mangus 4 · 0⤊ 0⤋
Businesses that take in cash are targets for audits. Cash businesses are easy targets for the IRS. Many people in these businesses don't declare all their income, and the IRS knows it. They will look at deductions for similar businesses and if a company has deductions that are proportionately too high for their income, the IRS will come looking to ask why..
2006-06-26 03:02:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
they deposit the cash. if not the district manager or whoever checks up on the record sale and match it to the bank account. if it dont add up, somebody going to jail. now if its your own store u can do what ever u want with your money
2006-06-26 03:02:11 · answer #5 · answered by ranzyupyeah 1 · 0⤊ 0⤋
deposit to their bank account or invest for expansion
2006-06-26 02:55:53 · answer #6 · answered by Ripper22 2 · 0⤊ 0⤋
Simple. They earned their money. They deserve it. So, they either spend it whatever they like, or they reinvest at least part of it in a new buisiness ( a new branch or so).
2006-06-26 02:58:59 · answer #7 · answered by nhosni123 1 · 0⤊ 0⤋