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What if...

Discussion in 'BlackHat Lounge' started by blackdan, Apr 30, 2009.

  1. blackdan

    blackdan BANNED BANNED

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    Hello, What if I start recieving 500+ checks every month, I just want to know will there be a possibility of some problem, like problem with bank or other places, will I have to start paying tax, will I have to answer anyone what I do or how I get the money ? I only get 1-2 check a month now and my bank staff have alredy start smiling at me, I was just thinking will there be any problem if I start getting 500+ checks, I know its not going to happen anytime soon, I just like to imagine and dream.

    Should I divide and deposite checks in 5-10 banks or should I deposite all in the same bank, if u are a noob or kid, pls don't answer, I really want to know the answer from someone who is old and experiance.

    Thanks
    :rolleyes:
     
  2. darkmobius

    darkmobius Regular Member

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    say if a relative, or your mom or a close friend start sending you checks for say support or just gift whatever. Do you report the tax for it? No
     
  3. shylesson

    shylesson Power Member

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    horrible analogy and incorrect advice if you are in the states. He's asking about 500+ separate checks first off [which is no big @ OP], but second off, whether you have to report them on your taxes depends on where you live. I'm assuming you are in the states and you do have to report your earnings if you earn over $500/company/program/w-e [though I've been seeing people claim it as $600, this may be something newer as it was just a year or two ago that it was $500].....TECHNICALLY......and TECHNICALLY you are supposed to report ALL earnings ;) You'll get a nice lil 1099 tho to help you remember come tax time. =P ;)
     
  4. darkmobius

    darkmobius Regular Member

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    and its based on where i live which is canada, how am i suppose to know where he lives? So what? If i write you a $600 personal check you have to report that too? What if i get a big fat mail in rebate check from a company, am i suppose to report that?
     
  5. AffGuy08

    AffGuy08 BANNED BANNED

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    Just get them and if anyone asks just say you are doing import-export business and deal with many clients outstation or overseas. On tax, it's all on where you are from and how they taxes you.
     
  6. antsaoo

    antsaoo Supreme Member

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    wonder why would you want 500 checks anyway :p many places send money like 1/2 times ad month so you would need like 200 accounts at different places :p and still i think most people prefer DD , i might be wrong tho ... anyway ... :)
     
  7. da buck

    da buck Regular Member

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    Yes, you are supposed to claim rebate money as income in the US.
    Posted via Mobile Device
     
  8. oldenstylehats

    oldenstylehats Elite Member Premium Member

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    There are many, many businesses that deposit this many checks every day. If you are indeed in the states, you should talk to a small business liaison at your bank and ask them about setting up a DBA so that you can open a business banking account with them. This way you'll be able to keep your checks in a separate account and you'll stop getting the weird looks.

    Also, pay taxes. It'll help you sleep better at night.

    EDIT: Having a ton of bank accounts isn't smart, it's a headache. Unless what you're doing is illegal, why would you worry about it?
     
  9. jdog37

    jdog37 Power Member

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    Im a noob here (sorry) but I do know a thing or 2 about this. (if your in the us)
    Two checks or two thousand checks dont mean a thing! A bank will report a very large deposit to the IRS......15000 I think but dont quote me there.
    If you deposit it in a savings account. You will get a statement from the bank at the end of the year for tax purposes (interest on a savings account is taxable)
    But otherwise the bank dont have no horse in the race and has no reason or incentive to report your activity.
    $600 seems to be the max amount you can earn from any company before having to submit a w9 tax form to them.
    They will in turn send you and the IRS a 1099 showing your earnings for the year.
    You will be liable for self employment taxes owed on the amount shown on the 1099.
    Some companies will pay you up to $599 but will withhold any other payments until you submit the w9 (in my experience)
    But anyways. The bank aint gonna say shit unless you deposit a very large amount or put it in savings.
    Hope this helped ya....................J