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Many business owners prefer cash so they can avoid paying taxes and directly insert the cash into their pocket. Its nearly impossible to trace whereas there is
by prklmn 10y ago
Many business owners prefer cash so they can avoid paying taxes and directly insert the cash into their pocket. Its nearly impossible to trace whereas there is a paper trail left when a credit card is charged.
- ptaipale 10y agoHowever, that's tax fraud and carries a risk of significant penalties. But there are other reasons for preferring cash. For instance, a bank or authorities cannot quite as easily shut down your business if it runs on cash money, compared to having everything in bank which can be confiscated instantly, on-line.