Tips for a life using Cash

[Kevin Slater]

You can make cash deposits into a bank account. If it is less than $10,000 per transaction it is not likely to raise eyebrows or trigger IRS scrutiny.

 

It's more complex than that, but as long as you declare the income you're fine in any case.

 

Kevin Slater

[Scorpio]

It's more complex than that, but as long as you declare the income you're fine in any case.

 

Kevin Slater

 

Most definitely more complex than that and trying to structure transactions to evade the rules can lead to even bigger consequences.

 

https://www.money-education.com/resources/financial-planning-news-and-blogs/blog/129-structuring-cash-transactions-under-10-000-is-criminal

 

Plus the rules apply to cash purchases, not just bank deposits.

[MrMattBig]

You can make cash deposits into a bank account. If it is less than $10,000 per transaction it is not likely to raise eyebrows or trigger IRS scrutiny.

 

Most banks actually have a cash deposit limit amount per month. The government gets alerted to possible money laundering through this process.

[+ bashful]

Most banks actually have a cash deposit limit amount per month. The government gets alerted to possible money laundering through this process.

 

I would think so. What goes in, has to come out. Dennis Hastert's withdrawals got the attention of the Fed's

[Islesguy]

Here, Australia Post provides a bill payment facility for a wide range of utilities and similar billers. You can take your bills into the post office and pay with cash (or cheque or credit card). Is there such a system in the US?

I believe most utilities and billers would accept money orders which are sold at all post offices, though you can get them elsewhere. While you are not technically settling the account at the post office, most people probably send them out at the time they get them.

[mike carey]

I believe most utilities and billers would accept money orders which are sold at all post offices, though you can get them elsewhere. While you are not technically settling the account at the post office, most people probably send them out at the time they get them.

Quite so, that allows people to pay with cash if that's what they want to do. The advantage of the Australia Post system is that you can go in there with a pile of bills, they scan them, you hand over your money (you can use credit cards or a cheque too) and it's done, you don't have to post anything off.

[FTM Zachary Prince]

You can buy Vanilla Visa pre-paid/disposable gift cards for amounts up to $500 each and use them to pay almost any American payment processor for things that require a card.

 

Bitcoin is also a great thing to look into. Not necessarily a stable or predictable investment tool, but so far the value has only been multiplying rapidly. I had a client send me a $300 deposit via Bitcoin a month ago and it's worth $600 now.

[+ VictorPowers]

You can buy Vanilla Visa pre-paid/disposable gift cards for amounts up to $500 each and use them to pay almost any American payment processor for things that require a card.

 

Bitcoin is also a great thing to look into. Not necessarily a stable or predictable investment tool, but so far the value has only been multiplying rapidly. I had a client send me a $300 deposit via Bitcoin a month ago and it's worth $600 now.

I was just offered a Bitcoin payment from a long time regular. I'm not one to invest in speculative investments, but it'd be fun to have a small piece of skin in the game so to speak. Cash is always king, but I might take him up on his offer.

[Rudynate]

I was just offered a Bitcoin payment from a long time regular. I'm not one to invest in speculative investments, but it'd be fun to have a small piece of skin in the game so to speak. Cash is always king, but I might take him up on his offer.

 

 

James Altucher predicts one bitcoin will eventually be worth a million dollars.

[FTM Zachary Prince]

I was just offered a Bitcoin payment from a long time regular. I'm not one to invest in speculative investments, but it'd be fun to have a small piece of skin in the game so to speak. Cash is always king, but I might take him up on his offer.

 

It's a great idea. Seriously do it. You can also use Bitcoin to pay for your RentMen ads so like... why not??

 

James Altucher predicts one bitcoin will eventually be worth a million dollars.

 

I agree with that prediction. I do think that the political climate could interfere if all the governments start declaring it illegal tho. It's really BEYOND government control, but perception of value IS value when it comes to currency. Otherwise I really do see it increasing indefinitely tho. It definitely has a ways to go before the governments pay enough attention / feel threatened enough to start targeting it tho either way.

[+ VeryHappyCustomer]

Be careful, guys.

Tulip bulbs.

[+ VictorPowers]

Be careful, guys.

Tulip bulbs.

Tulip bulbs and dot com bubble! Bubble is looming ahead!

[FTM Zachary Prince]

Not comparable in my opinion. An alternative currency that provides the necessary function of circumventing repressive government-induced restrictions on financial transactions is not going to see its demand suddenly eliminated. I won't be surprised if the price drops suddenly as with the dot com bubble (sudden price drops are an established pattern in Bitcoin's growth history already), but in the long run BTC is going to be worth much more than it's worth now. Tulip bulbs didn't perform a vital & necessary global function.

 

Even if you don't INVEST in Bitcoin (ie. store value) there, the practical value of having a wallet set up and being able to procure small amounts of Bitcoin to conduct financial transactions anonymously is worth exploring.

 

Just as an example, major (female) escort advertiser Eros.com recently stopped accepting prepaid debit cards for ads because its payment processors are fully overseas. Now the only options are bank/credit cards or Bitcoin. Many providers switched to paying with their personal bank cards because they didn't have Bitcoin and simply NEEDED their ads to stay live. Now some of them are receiving calls frok their banks informing them that their accounts are being shut down due to violating unspecified terms. As sex workers, we are safer when we have access to an anonymous payment method like Bitcoin that keeps financial institutions out of our business.

 

Sex workers have an obvious benefit to participation given the credit card industry's repression of our sector of the economy. But we are far from the only people with this type of concern. We might just be ahead of the curve on really "needing" this technology to protect our privacy.

[+ sniper]

I do not prefer cash. I'm paid in cash, and spend in cash to avoid any sort of paper trail. Doing this allows me to choose my reportable taxable wage. I have two debit cards and a few credit cards through major banks.

You should talk to a pension actuary. There are things you can do to shelter significant amounts of income as a sole proprietor that go well beyond IRA contribution limits.

[BlakeBenz]

If escorts want to be cutting edge, they will start taking Bitcoin .

I like the way you think! I have my own money invested in bitcoin, I will absolutely accept that as payment.

[+ VeryHappyCustomer]

@sniper hit the bullseye.

 

And how long before we see an advertiser called "PassThroughEntity"?

[amused1]

Google SEP retirement fund rules to give yourself a primer on self employed retirement options. There are tax advantages as well as long term investment opportunities.