jimatbeyond wrote:
dunno wrote:
I like how people try to bargain by saying they will pay cash...as opposed to what, coconuts?
Paying with a credit card costs the merchant at least 2 percent. There would also be a record of the payment, so they would need to pay income tax on the profit. If the buyer pays with cash, the merchant can put it in their pocket and the merchandise could be classified as shrinkage (a loss).
Paying with a check does not cost the merchant anything, but the profit would still need to be declared on their tax return.
Yes, this falls under costs of doing business... Posting on a public,internet, forum about the "benefits" of collecting cash because it can easily hide income/avoid having to pay taxes also offers a record of how one my operate his own business.