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Which is why that guy shouldn't have bought a $300,000 house. Where is the logic in that, anyhow? A house that big is a liability, not an asset. The utility bills alone will kill you if your cash flow ever starts to trickle. When people begin to acquire large amounts of money, they always make the mistake of going out and purchasing 3 story houses & BMW's. :rolleyes: Bad move. Forget the possibility of suspicious government employees and/or nosy neighbors; this is a flat-out waste of money. I'm sure a person could be just as comfortable in a nice, cozy little apartment & driving a moderately-priced vehicle that will get them from point A to point B. Greed is a killer, and it seems that the more money some people make, the greedier they become.

The goal should be, regardless of how much money one makes, to improve their standard of living to a reasonably tolerable level. That way, if things ever take a turn for the worse, it wont be so hard to adjust to your former lifestyle and you wont be stuck with the enormous bills for your mansion, house maids, chauffeur service & other fodder that the average human being can easily live without.

CO-SIGN :cool:

Merchant doesnt or does report to IRS?
 

Does merchant accounts actually report to the IRS your income. i have heard and read some conflicting accounts that they dont not until the year 2011..
Housing relief act lets IRS see merchants' credit, debit card sales - CreditCards.com

I just recently read an article in the Tampa Biz Journal, which you might find interesting.

IRS may get reports on credit card payments from processors - Tampa Bay Business Journal:

humm thanks..

There was a question about paypal business versus personal and it's a good question- i haven't delved into the actual act myself, just read the articles. There also have been questions, maybe in other threads about 1099's... currently if you have a bank account or brokerage acct... a 1099 is sent for individuals' income, but something similar is often sent only to the business that looks like a 1099 but is just a courtesy- no business income gets reported directly to the IRS currently. The thresholds for deposits is for catching $ cleaning plain and simple. While the agencies "could" share info, it's not the purpose.

There should be no discussions here or anywhere else regarding what these threshholds are or how to stay under the radar in this way. The maximum penalties are stiff even if you unknowingly help someone. Modee is correct in that it aint the tax man, and the last thing you want is to look suspicious for a far more serious reason than you thought- especially in today's environment.

It's not just the Dollar amount but also the number of sales (according to the article 200 sales).