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Money and Finances
Reply to "So people will be taxed on venmo and zelle transactions?"
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[quote=Anonymous]People paying cash, check or by Zelle or Venmo Are also tax cheats. I say that as I did a $30,000 renovation. Guy asked for cash. He said he does take credit cards but a 3 percent processing fee and his tax rate is 28 percent on the profit and he has payroll taxes for workers. So like $36,000 on the books. He explained part of his issue. Most of his workers want cash and the wholesalers of goods want a check. Literally he paid his workers weekly out of cash I paid him. Right in front of me. We decided he take a check for materials but cash for workers. They were not illegals. One was a licensed plumber moonlighting his day job and did not want a trail. Other worked for Pepco. Same thing. So it is not just tax evasion, but he was fine on the books but you had to pay more [/quote]
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