Having a side business and depositing money.

How much can you deposit and not have to claim as income? Isn't there a set amount that is looked at?

Should you use the cash rather than deposit it?

TIA

Having a side business and depositing money.

all income is income. I don't think there is an amount where income is unreportable. 1099's are issued for $600 or more but you are still responsible to report on amounts less than $600.

Having a side business and depositing money.

I believe banks are required to report transactions of $10,000 or more - is that what you mean? But that is separate from what you legally have to report as income (not judging on what you chose to do, just pointing out the fact).

Re: Having a side business and depositing money.

Thank you

Having a side business and depositing money.

You can receive up to $13,000 in gifts that are not taxed. If you do not want to claim cash earnings as income do not deposit them into your bank account but like the pp stayed all income should be reported.