Couple small places neat me are cash only operations. I don’t know why but in 2023 to be cash only seems a little suspect to me. Any legitimate reason?
Couple small places neat me are cash only operations. I don’t know why but in 2023 to be cash only seems a little suspect to me. Any legitimate reason?
The real reason businesses do cash only is to avoid paying sales, state, and federal income tax. Between those 3, that’s around a 30%-50% savings depending on your states sales tax, state income tax bracket, and federal tax bracket.
Many businesses get nailed for tax evasion not by the IRS, but by state sales tax audits.
Credit card fees are really inconsequential relative to the tax savings of not reporting cash sales.