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I have a small business, where I provide a service to customers. I make from $400 - $800 every week in both cash and checks.
I take the cash and keep it at home. When I get paid in checks, I just cash those checks at the bank belonging to the checkholder. So all I ever deal in is cash. Nothing ever touches my bank account. So I'm not paying any taxes on any of this.
Should I keep doing this and skirt the IRS? Or set up an LLC and start paying taxes? If I set up the LLC how much money will end up going to Uncle Sam every year?
I take the cash and keep it at home. When I get paid in checks, I just cash those checks at the bank belonging to the checkholder. So all I ever deal in is cash. Nothing ever touches my bank account. So I'm not paying any taxes on any of this.
Should I keep doing this and skirt the IRS? Or set up an LLC and start paying taxes? If I set up the LLC how much money will end up going to Uncle Sam every year?
