Having it Both Ways (Dealer Gripe)

[Exhibitman]

Originally Posted by savedfrommyspokes

When I sold at shows, all of my income was cash....no taxes paid.

A 1099 is just a report of how much you received, not how much you profited. Tax fraud is not a business strategy, it is a crime, and a dumb one at that. If you just don't pay taxes at all you will end up in the hobby wing at Leavenworth. Hope Mark Allen is a good cellie...Maybe he'll share his soap on a rope.

Taxes should not be an issue. If you are paying taxes on a profit, that is the same as in any other trade. The question is how do you minimize your tax exposure. There are ways to do it within the confines of a card business but they require planning and organization; I won't discuss the nuts and bolts so as not to be seen as providing legal or accounting advice. But just saying "F*** it" and not paying anything, that is amateurish.