Home Forums Hunting & Shooting Hunter's Campfire No more cash?

The hundreds of thousands of dollars in fuel, construction materials I pay shouldn't be deducted but the money collected to pay for it should be taxed???

I pray for the day there is no more cash. Costs too much to print and protect from counterfeiting. Also all the tax cheats who shove unreported cash in there pockets and don't pay their fair share of taxes. Bring it on!!
Also, let's do away with any business deductions and expenses. Tax every business a percentage on total gross sales. Very little accounting. Figure your tax burden when figuring out your sale price of goods or services. Would do away with receipts, decisions on what's an admissable deduction etc. No depreciation crap. Easy and open and fair. Would stop the Amazon's, Apples,etc from paying little to no tax.

Now come on guys. When you figure a job, you expense each item. Adding 3 percent for your tax burden wouldn't be that hard to figure in. When you get a final bid expense figured, don't you add a percentage for profit. Imagine if every competitor played by the same rules.

There are lots of places now that do not accept cash - mostly to prevent employee theft. I think we'll see more and more of it.

Worse, I see a day when the only way you'll be able to pay will be with your smart phone. Or to identify yourself, for that matter. To my mind that's scary. And not just because it'll force me to get one of the damn things.

It's obvious I struck a nerve and many of you must own your own business. Congratulations for your hard work and doing something I have never done.
But, will any one of you tell me that you've never used a company vehicle for personal reasons? Pick the kids up after school. Stop for milk. Used a company facility to store personal items, take the company truck or car on vacation? Used a company cell phone for personal calls, if you haven't, then I applaud your honesty.

That's not what I said at all. I made no comments on "loopholes" nor invalid deductions. I just asserted that your proposed solution make make things worse, much worse. Additionally, you acquaintance selling King Camo needs to talk to a real accountant. In order to write off a business as a business expense, it's "primary purpose" must be business. Even if Camo guy had sold a few pieces, business was not him primary purpose, so it's not a valid expense. We can also imagine the other end of this spectrum where he packs a U haul full of stuff to sell it at a gun show in the next state. even if doesn't sell a single item, he can still write off his travel expense because is primary purpose was selling stuff.

As for the tax burden's that cause you to throw parts away, I have to wonder from where you sourced them?

As I mentioned before Mexico, along with virtually all of Latin America has VAT taxes. Another effect of there taxes is NO ONE WILL GIVE YOU A REFUND. The reason being, the seller has already paid taxes on the sale, and if you they take the parts back, it's about impossible for them to get their taxes back from the government. Consequently commercial differences are typically settled with credits and seldom with an exchange of funds. It's likely you had to throw those parts away not because of intricacies of the U.S. tax code, but due to the consequences of a system like the one for which you are advocating.

Kinda like the companies who hire illegal workers for cash off the books? No taxes for or from them? No FICA. Cheating the system......

Not a commie. Just outdated.

Kinda like the companies who hire illegal workers for cash off the books? No taxes for or from them? No FICA. Cheating the system......

Obviously you've never done business in countries with a VAT or similar taxes, nor considered the full implications of your scheme.

I pray for the day there is no more cash. Costs too much to print and protect from counterfeiting. Also all the tax cheats who shove unreported cash in there pockets and don't pay their fair share of taxes. Bring it on!!
Also, let's do away with any business deductions and expenses. Tax every business a percentage on total gross sales. Very little accounting. Figure your tax burden when figuring out your sale price of goods or services. Would do away with receipts, decisions on what's an admissable deduction etc. No depreciation crap. Easy and open and fair. Would stop the Amazon's, Apples,etc from paying little to no tax.

Pat,

Under proposed Scott's system, how long before you are out of business?

It's obvious I struck a nerve and many of you must own your own business.