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Thread: Depositing Cash

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    Default Depositing Cash

    I know there are lots of threads on the topic and I read them all but I still have questions. Obviously stripping is a cash business and to pay bills I absolutely have to deposit that cash into my bank account. Not to mention saving and investing. I have recently registered an LLC and obtained an EIN and with that EIN, I opened a business checking account.
    I know that nowadays bank may file a report to IRS if they find your cash activity to be suspicious. So the question is how to deposit in order not to seem suspicious?
    Will depositing $250-300 every day seem odd to them? Or is it better to deposit larger amounts ($500-$800) couple of times a week?
    How do you do it?

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    Default Re: Depositing Cash

    Well if you’re not doing anything illegal just deposit your cash as normal.

    When they mean “suspicious” activity they mean things that look like they are linked to something illegal. Stripping is legal so is depositing cash daily so ....

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    Veteran Member Jalena's Avatar
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    Default Re: Depositing Cash

    I have never had a problem depositing cash like normal. I always use an ATM rather than going through a teller (avoiding awkwardness) and never do more than maybe $400 at a time, preferably in $20s or higher -- just for expediency, because it's obviously not a good idea to be dicking about with that kind of money in public. You can always spread your depositing trips out over time while keeping a small emergency cash stash at home.

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    Default Re: Depositing Cash

    It's a business account so that in itself should alleviate a lot of 'suspicion'. Plenty of people have businesses that potentially get a lot of cash payments... Hair stylist, other beauty industry people, dog groomers, etc. Waitresses & bartenders have shitloads of cash & I'm sure they have to deposit a lot of it to pay bills. I wouldn't worry.

    If you were to do odd looking things like structuring (i.e., depositing $3999 to avoid a $4000 reporting trigger) THAT would arouse suspicion.

    I agree with Jalena, use the ATM if you don't want to get awkward questions about what you do (esp. if you get a lot of $1s). Personally, I really only use my bank account to pay bills from. I make a few deposits a month (trying to go as little as possible for convenience) and pretty much immediately send the money right back out to bills When I did use the tellers, nobody ever batted an eye.
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    Default Re: Depositing Cash

    If it's a business account, I don't see the problem. I think $10k is the red flag where the bank will call the IRS. I've deposited as much as $1k before. Then again, I don't like to go to the bank more than once a week. I tell them that I'm a bartender and own a residential cleaning business. Generally I try to avoid putting in too much cash at once but if you have a business account, there are plenty of business owners who get paid in cash, like small mom and pop type of restaurants or stores, massage therapists, hair stylists, makeup artists, etc.

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    Default Re: Depositing Cash

    As long as you pay your taxes -it does not really matter. Every state has different rules, every bank has different rules for red flags. It maybe 3 k, 5 k etc Besides the bank, businesses as well might and will report you to IRS -let say you will go and buy jewelry for 5 K.
    Maybe maintain a couple of bank accounts -one for bills, one for savings/etc, but it's more for convenience.
    Just keep track of your deposites and pay your taxes.

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    Default Re: Depositing Cash

    Since you have a business account, you can use the commercial account teller. They're used to taking in larger deposits and $400 per day won't phase them. I used to deposit somewhere near this amount everyday when I owned an espresso stand.

    Also, I helped a friend with a cash business when she went on vacation. Every day I visited all eight of her bikini stands to collect, log in, and deposit the cash for her. I used the main branch and the business line.

    The highlight (besides her paying me) was using her money counter. I loved seeing all those bills flipping through.

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    Default Re: Depositing Cash

    The IRS and banks use algorithms that detect pattern breaks and pattern changes. Pattern breaks can increase your audit risk. The Obama administration decreased the amount of audits conducted per year which decreases risks for normal people like strippers, waitresses etc that do normal business. IRS look for big fish, like odd thousands of dollars with no paper trail. Keep your cash transactions under 5k, use a number randomizer on the Internet (the human mind has preferences for certain numbers in some studies) before your deposits. Then you’re good to go

    It’s legal for someone to gift you up to 10k in cash to your bank account without income tax. After 10k it’s considered income.

    Transactions over 10k have extra paperwork and you get linked to the transaction. If you pay cash for transactions above 10k you can always split it 5k one day 5k the next so that business has less paperwork to do


    You could also store your cash in a safety deposit box just double check the bank’s policy on that.

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    Default Re: Depositing Cash

    tellers have the right to ask where your getting the money from if your continueously making large cash deposits, i have had it happen before,

    having said that,

    if your claiming your money and paying taxes don't worry about it,

    if your not claiming and not paying taxes.....worry, it will all catch up to you one day

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    Default Re: Depositing Cash

    ^^

    This

    The tax man doesn't care if you're even making the money legally, they just want their share of it. If your taxes are paid you have nothing to worry about.

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    Default Re: Depositing Cash

    Deposit your cash weekly.

    Keep receipts on your expenses

    even use an accounting software I am using waveapps.com

    legal or not the governments wants taxes from it. and you have to save , invest, spend. and maybe even give to charities.
    Stripperweb is closing! Join me over at WeCamgirls

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    Default Re: Depositing Cash

    10 year veteran. Pay your taxes and you’ll have no worries. I’ve never heard of any bank flagging anything. As a rule if you deposit it in checking it’s best to report it. No one care. Most of bank tellers probably would rather not do extra work if they don’t have to. The only horror stories I heard were back in the day when girls were making several thousands of dollars and depositing it all at the same time.

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    Default Re: Depositing Cash

    Banks' ATMs takes cash deposit. I exchange all the small bills to larger ones($50-$100) every night I work. Then head to the bank afterwards to deposit the cash into my checking account like 2:30 or 4:30am with no line.

    You only get problems with the IRS if you don't never filed a tax form from previous years and depositing large sum of money every day or week that it'll alarm banks to alert the IRS.

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    Default Re: Depositing Cash

    I deposit my big bills at the atm and wait for my ones to accumulate. when its around $1500 in ones, I make a bank run and go to the teller. it takes a while, people in line bitch, but I truly dont care.

    they know me at the bank, and know I am a stripper. I have a business account for stripping.

    Most importantly, I do my taxes. Trust me, its well worth it.

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    Default Re: Depositing Cash

    Me last time I cashed in 1’s, to two tellers:

    “Thank you for not saying anything about my ones, I hate when people do that.”

    Them:

    “Honestly we do not care what you are depositing, or how much. We have people come in here all the time with big stacks of cash.”

    If someone at your bank makes any comments about your money, tell a manager.

    I have had to fill out a form for the over $10k thing before, it is real. I pay taxes though and nothing ever came of it.

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    Default Re: Depositing Cash

    I usually go about once a week and deposit everything I've made that week. It does not matter how often you make deposits unless they are over $10,000. The bank has to flag these deposits, but if someone does their taxes it really shouldn't matter. If you are not doing your taxes and depositing large amounts you might be in trouble.

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    Default Re: Depositing Cash

    Deposit your cash after every shift. That creates what the IRS terms a "contemporaneous record." Contemporaneous records of income are very important to the culture of compliance the service likes to see. Also, you will be depositing smaller amounts of cash, which is a good thing. Even better, you can get your money working for your quicker.

    HTH
    Z

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    Default Re: Depositing Cash

    Quote Originally Posted by Pinksugardoll View Post
    Me last time I cashed in 1’s, to two tellers:

    “Thank you for not saying anything about my ones, I hate when people do that.”

    .
    why would you even say something like that?

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