FlyerTalk Forums - View Single Post - Using Square chip reader for minimum spend
Old Sep 2, 2019 | 10:54 am
  #7  
camaross
10 Years on Site
 
Join Date: Jul 2012
Posts: 208
This is a terrible idea for many different reasons, and gets suggested by newbies all the time. Search one of the 400 threads where this has been suggested and shot down before if you want to know more, or just go ahead and do it if you want to experience what happens first hand.

Hint: The 2k you think you can deduct as business expenses against your "income" aren't considered legitimate business expenses by the IRS. Also don't forget the business license you'll need from your county and state, as well as a sales and use permit. Oh and on't forget paying state and local taxes on your "income" as well.
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