Pay at the Pump With Cash

[4570Man]

Huh? That means that they would try to maximize their losses.

Steve[/QUOTE]

On paper. There's legal things you can do to reduce your profit on paper. There's the not so legal stuff such as not reporting cash sales.

 

[clemsonfor]

So everyone who doesn't carry around a pocketful of cash is an idiot? Loose your wallet and you are out whatever cash is in it, get mugged, same thing.
I use my debit for almost every purchase although I do carry a few bucks in my wallet also. I usually keep enough cash to buy enough gas to get me home should my debit card not work. I did have that happen once when my bank cancelled it due to unauthorized use by someone who had stolen the number and was using it in Houston Texas. They didn't notify me either and it took a week to get a new one. At least I want out for any of the purchases.

I have multiple cards in case one if canceled. Loose my wallet id be SOL then.

 

[clemsonfor]

Put me in with the idiots. I use a debit card at the gas pump because it is 10 cents a gallon cheaper, otherwise a credit card on everything. I pay it off a couple times a month, or immediately for a large purchase, to keep interest charges close to zero. I keep enough cash in my wallet to deal with stuff that might come up. And to make sure I have change for parking meters. I think cash is increasingly an anachronism, like painfully writing out a check in the grocery line.

I have not seen a station like that in years around here, so it doesn't matter how I pay I get the same price, cash, credit or debit

 

[clemsonfor]

Don,t put words in my mouth(I did not state everyone who doesn't carry around a pocket full of cash is a idiot) why in the H-ll folks don,t have $2.50 in there pocket for a cup of coffee and a donut is beyond me.I often wonder what debit/credit card users would do if we had some type of Major power outage or solar flare.Might be fun to watch..

I have a safe full of cash at the house. hopefully it would be figured out before I used it all

 

[aczlan]

And any business worth its salt will try hard to make sure to have as little profit as possible.

Huh? That means that they would try to maximize their losses.

Sorry for being unclear. I meant taxable profit. Any business its salt will try to have as little taxable profit as possible so as to reduce the amount of taxes paid to the government.

Aaron Z

 

[Copperhead]

Exactly. And what tax plays into it also. My company is an LLC with an S Corp tax structure. I pay myself a salary which gets hit for income and FICA tax. And what my company makes beyond that, I receive in distribution, as the sole owner, that is not subject to FICA tax. It is reducing my tax liability by structuring how the money is handled. That is but one of many methodologies that business uses to limit profit exposure to taxation.