Where are you on the cash to phone continuum?

[Dukasaur]

This came to my mind recently.

I have pretty much given up on cash and probably use it less than 1% of the time now. I still know people who refuse to use plastic and insist on using cash, but they are fewer and fewer all the time.

I thought I was pretty much ahead of the curve using plastic 99% of the time, but meanwhile I'm behind another curve: there are people now who have stopped using plastic and use their phone as a credit card. I first saw some kids using their phones as a credit card about five years ago, but that was just kids. Friday I for the first time talked to a guy my own age who no longer uses plastic at all and does 100% of his transactions on his phone. I don't think I'm ready for this, but anyway, trying to get an idea of how widespread this is.

A poll can't cover every possibility but I've tried to do a reasonable picture of the continuum.

[jimboston]

Boomer.

Get with it man!

[bigtoughralf]

I always use my phone, but some places that don't like paying tax are still cash only so every now and again I pay cash.

That said, I'll only pay cash at places I know or would have assumed are cash only before I go (e.g. barbers). If some cafe or restaurant surprises me with 'cash only' I just leave, I don't carry a bank card so have no way of going to an ATM for cash.

[ConfederateSS]

----------- Cash/checks all the time....That 1 vote is me...I use a landline...
------------- As a Canadian Duk....you should remember all the time, .What happened to the Truckers....The Government shut their bank accounts down with a push of a button...Made them penniless...All for donations of $10 or $20 dollars...by people supporting the Truckers...
------------- It is good to keep a few thousand in cash on hand(not on you, hidden house etc..,I even have some hidden in a near by cemetery, Unless a zombie uprising, no one is taking it.)... Electronically, anyone can shut you down...Even with plastic...You can be hacked...
------------- Outside of the erasing your money or stealing it with a push of a button....
------------- Think of your country's identity....Every country has it's own money...Part of it's History....The new way, phone or bit-coins...etc....Is another way to erase History.....And make the World , run as one...Part of the Global Elites plan...
------------- I have money from 57 countries.... Some are Very Colorful...I have 1 Dollar Canadian bills...way before the loonies...It is sad when...You think of ...Our coins/money , The only way you will see them is in a museum...Next to Ancient Greek and Roman coins....When today...we have them in our hands/pockets... ....The money of our country...Is a part of who we are...... ConfederateSS.out!(The Blue and Silver Rebellion)...

[jusplay4fun]

Boomer.

Get with it man!

Nothing new here; jimb criticizes but does not offer any ideas AND does NOT offer what he DOES.

I am about 75/25 percent Plastic/Cash. I have not used my phone for this; BUT I will likely do so as the world evolves. Some places now do not take cash; less counting and handling at the end of the day's business, it seems to me.

I did use my phone to access the menu at a few restaurants and that, for me, is a BIG step into the future.

[jimboston]

These forums would be much more pleasant if JP had a sense of humor and even a mild ability to detect sarcasm.

[bigtoughralf]

I'm not sure they teach sarcasm at the School of the Blade tbf.

[saxitoxin]

some places that don't like paying tax are still cash only so every now and again I pay cash

(BTR's dealer)

[jusplay4fun]

These forums would be much more pleasant if JP had a sense of humor and even a mild ability to detect sarcasm.

Nothing new here as jimb offers nothing, new or otherwise.

Sometimes the jokes are not funny and are THUS best ignored, like most do with jimb and softRalph.

[bigtoughralf]

some places that don't like paying tax are still cash only so every now and again I pay cash

(BTR's dealer)

I was going to say hooker but even they take bank transfers these days.

[jusplay4fun]

some places that don't like paying tax are still cash only so every now and again I pay cash

(BTR's dealer)

I was going to say hooker but even they take bank transfers these days.

How do you know so much about Hookers, ralph?

[Dukasaur]

some places that don't like paying tax are still cash only so every now and again I pay cash

(BTR's dealer)

I was going to say hooker but even they take bank transfers these days.

Hookers were already taking American Express back in the 80s when I occasionally indulged.

There's very few places now that take only cash, but of the two I know in this area, one is a Chinese restaurant and the other is a hippie homemade gelato maker that frequents local fairs.

[jusplay4fun]

These forums would be much more pleasant if JP had a sense of humor and even a mild ability to detect sarcasm.

These forum threads would be much more pleasant if jimb showed:
1) more civility.
2) more intelligence,
3) less vitriol,
4) and less minutia.

I have a sense of humor; your jokes are stupid and NOT funny. I have already said that in this same thread YESTERDAY and it appears that you do not comprehend that, and/or want to ignore it, and/or want to continue your obfuscation.

by jusplay4fun
Tue Oct 11, 2022 8:41 pm

Re: Where are you on the cash to phone continuum?
jimboston wrote:
These forums would be much more pleasant if JP had a sense of humor and even a mild ability to detect sarcasm.


Nothing new here as jimb offers nothing, new or otherwise.

Sometimes the jokes are not funny and are THUS best ignored, like most do with jimb and softRalph.

[Dukasaur]

Enough. Both of you take a breather.

[mookiemcgee]

some places that don't like paying tax are still cash only so every now and again I pay cash

(BTR's dealer)

I was going to say hooker but even they take bank transfers these days.

Hookers were already taking American Express back in the 80s when I occasionally indulged.

There's very few places now that take only cash, but of the two I know in this area, one is a Chinese restaurant and the other is a hippie homemade gelato maker that frequents local fairs.

I think most individuals that prefer to shield their income from banks and record keeping (hookers, drug dealers, politicians) mostly still prefer to deal in cash. There is a doughnut shop near me that only takes cash, I've always just assumed they are owned by some larger criminal org using it to launder money.

There are a few places that have popped up that only take digital payment (you have to order through a machine/computer/app so cash isn't an option) in my area now too.

[bigtoughralf]

I knew someone who worked at a cash only place and she was being paid a) less than minimum wage and b) from a bank account in China into her Chinese bank account. I once didn't have my card to take out money and they let me pay by bank transfer, to an account that was clearly someone's personal one rather than a business one. It's all just ways of keeping money off their official books so they don't have to pay tax on it.

[2dimes]

Enough. Both of you take a breather.

I can't believe it took so long. You're a saint for letting it go all spring, summer and into autumn.

[jimboston]

Enough. Both of you take a breather.

I can't believe it took so long. You're a saint for letting it go all spring, summer and into autumn.

I’m offended you wish a ban on me!

[jimboston]

Enough. Both of you take a breather.

f*ck off

It’ll take more than 24hours to shut me up!

[jimboston]

Enough. Both of you take a breather.

BTW…not cool to ban me for HIS post.

[2dimes]

I don't wish. You worked hard to get a day off. Celebrate. Even though from the perspective of the moderators you probably deserved it more, at least your offending posts were occasionally entertaining.

[jimboston]

I don't wish. You worked hard to get a day off. Celebrate. Even though from the perspective of the moderators you probably deserved it more, at least your offending posts were occasionally entertaining.

I’ll take this as a compliment.

I’m assuming this is in comparison to “my nemesis” whose posts are just drivel.

[KoolBak]

Mook, if you have a biz with a storefront, simply taking cash only will NOT shield you from the IRS simply due to a lack of paper trail via a bank. You can certainly try, but if big brother audits you, it will all come out. Happy to discuss as nauseam if you'd like....

In my 35 years of biz and doing taxes, I know two people that play this game. I happily do their taxes but don't sign my name on them. Neither has been audited yet....simply a roll of the dice.

So DoD....a clarification please: I use my phone to pay 75% of expenditures, BUT....the various apps I use are mostly tied to cards, be it debit or credit, but some are tied to bank / PayPal / venmo (which also feature debit cards). The true app methods like Google Pay included. So...does that count as phone or card?

[jimboston]

Mook, if you have a biz with a storefront, simply taking cash only will NOT shield you from the IRS simply due to a lack of paper trail via a bank. You can certainly try, but if big brother audits you, it will all come out. Happy to discuss as nauseam if you'd like....

In my 35 years of biz and doing taxes, I know two people that play this game. I happily do their taxes but don't sign my name on them. Neither has been audited yet....simply a roll of the dice.

Depending on how you do it you can definitely ‘hide’ some of the activity and get away with it.
If you get too greedy and try to hide all your sales then it’ll be more obvious and more obviously caught.

Depending on your business the percentage you can hide may vary.

If you only buy and resell stuff… like a retail or online store… you can’t hide a lot because the auditors can see how much stuff you buy, so they can get a good idea how much you’d be selling.

If you resell perishable stuff like fruits and veggies you can hide more because you can make it look like a lot is lost to waste.

If you do more value add work you can likely getaway hiding more.

If your business is mostly labor intensive… say landscaping, you can hide even more if you also pay your employees in cash.

The trick is to not get too greedy.

You also have to make sure your lifestyle doesn’t greatly exceed your documented income… and of course there are risks if you start involving employees and pay them under-the-table if one gets disgruntled does he/she have knowledge that could sink you?

There are other tax tricks you can use if you run your own business… charging personal expenditures as business expenses reduces your taxable income.

Again… if you are modest and move the dial slightly you can save thousands of dollars a year in taxes and not take much risk; but if you go crazy and try to write off ridiculous expenses the you’re more likely to get caught.

[KoolBak]

One can opine all day and sound smart. Reality is different.

Are you a CPA? A business owner or controller or commercial lender? Just curious as to your background / how real your knowledge is.

Personally, I did about 50 returns last year, mostly self employed sole prop / small corp. I've lent, controlled, owned, consulted, done taxes for almost 40 years and seen a LOT.

I like gray areas....I push them.

However, you CANNOT get away with SIGNIFICANT bs in an audit. It ALWAYS comes to light. Always.