TOPIC: Do buyers pay cash or check?

I am curious if buyers pay with cash or check? Uncle Sam gets enough of my money and I would like to have something he cant touch!

Most buyers pay cash. I do.

But, there have been a few times when I've had to use a check because the lots of ginseng on the table were bigger than the cash in my pocket.


The thing to remember is that ginseng buying is a business. Just like the fur industry, the IRS is getting wind of the money moving around the country attached to ginseng. Any ginseng dealer who approaches his business as anything more than a hobby stands to lose too much to cheat on his or her taxes. That means we have to pay taxes on our business. That means we have to keep records. We are also required to keep records of our purchases and sales. So, it is only a matter of following the paperwork if some IRS guy wanted to track you down associated with not paying taxes on a good digging year's ginseng profits.

Just as with everything else, following the rules is normally the best way to stay out of trouble.

well I was wondering, because I have never had a fur buyer ask me for my name or address let alone a SSN lol:laugh:
would probably really matter on what scale I am doing it

i pay selfemployment on my profit left over after exspenses i drive a lot and gas and repairs are the bulk of my cost

Many years ago the fur and seng buyers in my area paid cash... but not today.

Not for the last 10 years or so.

We get paid by check.

We have to fill out info on a form they collect and sign it too.

I pay tithe to my church and taxes to uncle sam on my ginseng income. There is a place in TurboTax under Misc Income where you can report stuff like that and I do.

Brutally honest I guess.

TNhunter

On a positive note, i recently saw an interview with a head honcho of the IRS. He stated that they were subject to many budget cuts, and understaffed. I took from that : If you look good on paper, then you are not too likely to be audited... just an FYI

Is there any NY buyers on this site? I would hate to drive into the south with a few pounds of ginseng. would be alotta money to lose if i was to run into the criminals trying to jack me for it..

bruce phetteplace 607-334-4942 dale smith 814-225-3452

Rich, ginseng has to be sold in the state it was dug in, unless you pay to have it certified first.