is money taxable?

Question

starting home business, need to know if cash money is taxable

Answer 1

yes it is but generally you can pocket it without the irs knowing about it....just remember that if you are ever audited and the money doesnt look right then you could get popped on it...for instance...if this is your only source of income and you have a certain $ amount of bills each month you want to show enough $ in the bank to support yourself and any overhead for the business....otherwise they are going to want to know how you survived

Answer 2

all income is taxable. If this money is startup cash, as in proceeds from a loan, through a bank, or you took money of your own that you already had, then no. If this is money of your own that you already had, make sure you've paid any taxes that might be due. If you provided labor or goods and/or services for that cash, then yes. Consult a lawyer. I'm sure you already know that if the IRS thinks you owe them money, and you disagree, it ain't you that's going to come out on top.

Answer 3

I think all money (as income, or gift) is probably taxable. Check with the state to determine the applicable rate of taxation. But if you've already paid tax on it then the answer should be no. You might ask a tax consultant for an expert answer, and I would think they'd offer a free consultation at first.

Answer 4

Maybe you should think about doing something else. There's diving in at the deep end and there's business suicide and judging by that question you're in the latter category I'm afraid. Nevertheless best of luck and yes it is taxable

Answer 5

everything is taxable in any business. you will have to file and pay quarterly tax statements to the irs and remember, now you will have to pay 15 percent to social security instead of the 7 and a half percent you paid when you were working for someone else!
talk to a tax consultant

Answer 6

Yes