Cashless? Can yhey do that?

[Jacuzzme]

I’d agree most times but I take in a lot of cash payments so keep my deductions to a minimum. Better to blow it on whores and travel than give half to Uncle Sam. If Biden manages to crank up tax rates any higher than they already are I’ll say fuck it, go 100% cash and just report my retirement.

[LexusLover]

Who gives 50% of their income to the government ... in taxes?

[Jacuzzme]

Anything over 200 is what, ~35%? Throw on property taxes (nearly 10g in my area), gas, and a million other taxes, I’d say half is pretty darn close for a lot of people. Obviously much of that is static, regardless of what you report, but I’m inclined to keep every penny possible rather than tossing it into the government black hole.

[ICU 812]

In many socialist countries it is normally accepted that you have an official job with the high tax deductions . . .and low pay. Then youi have some sort of gig that pays a living wage under the table and everyone is hosteling a better gig.

[rexdutchman]

Kinda like the politicos here maybe ,,

[Ripmany]

I guess a tow business would refuse cash because it unsafe drivers to carry a lot cash some tows can be $100 or. Also if cash business driver may double invoice one with the long cable service a nother with just jump.
I have AAA and state farm. Last thing I want do is find a tow truck when suck in nowhere vill. And for $100 a year it worth it.

[LexusLover]

Originally Posted by Jacuzzme

Anything over 200 is what, ~35%? Throw on property taxes (nearly 10g in my area), gas, and a million other taxes, I’d say half is pretty darn close for a lot of people. Obviously much of that is static, regardless of what you report, but I’m inclined to keep every penny possible rather than tossing it into the government black hole.

So you pay your hotel bill in NYC in cash to cover your ....

property taxes, gasoline taxes, and the "million other taxes"

you have to pay?

As for the "35%" ... and "Anything over" ... if you're in business and paying taxes on $200,000+ then the business earnings should be about 3-4 times that amount or you need a different tax person to assist you in expanding your deductions.

Back to reality ... I recall making a business trip to NYC and scheduled it to coincide with the Village Halloween Parade followed by limo service to the appropriate spots all night long followed by breakfast before being dropped off at the hotel. BYOB all the way including air up and back. Bring Your Own Babe!

[Jacuzzme]

So you pay your hotel bill in NYC in cash to cover your ....

property taxes, gasoline taxes, and the "million other taxes"

Of course not. You questioned 50%, I’d argue that that’s a valid number for many people.

As for the "35%" ... and "Anything over" ... if you're in business and paying taxes on $200,000+ then the business earnings should be about 3-4 times that amount or you need a different tax person to assist you in expanding your deductions.

You’re not aware of my situation. In a nutshell my business is just me taking advantage of a skillset and accreditations I earned in the service. No accountants, no employees, nada. Just some extra to spoil kids and have fun. I never even intended to work after retirement but did a service as a favor for a uber-wealthy friend of the family. He decided to tell all his Uber-wealthy buddies and it snowballed out of control.

I married well. She makes a shit ton, at least 5x what the army paid after 24 years. The taxes on that plus my pension is more than enough for the government to rape. Because of her, whatever I bring in ends up in the top bracket and I shield it as much as possible by dealing primarily in cash. The only deductions I take, which would be none if it weren’t for check and card payments, are vehicle expenses, insurance and tools.

[LexusLover]

Originally Posted by Jacuzzme

You’re not aware of my situation.

#1: You're correct. Nor you mine. (Irrespective of what YR (et al) gossips about!)
#2: The U.S. tax code is not about you. You keep falling into that rat hole ... of it being about you.

[LexusLover]

Originally Posted by Ripmany

I guess a tow business would refuse cash because it unsafe drivers to carry a lot cash some tows can be $100 ...

Do you know a lot of tow drivers? How about in Valley Brook, Oklahoma? Or "VolleyBrook" as you say.