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Is it better to pay my landscaper cash and save 5% or not?
The total is going to be around $3,500. We're having a sprinkler system, sod and a concrete curbing boarder put in our backyard. If we pay cash, we'll get a 5% discount but no receipt for the work. I'm wondering if it would just be better to skip the 5% savings in case something goes wrong. Also, if we have a receipt we can write it off on our taxes as home improvements right? I'm not sure if we would get very much of a return on that though. What would you do? Thanks for your help!
4 Answers
- 1 decade agoFavorite Answer
I don't know if 5 per cent is enough for paying cash. If he went 10 to 15 per cent maybe. By paying cash I think it would reduce his taxes as he would not have to declare it as income and that should be around 20 per cent. I would not pay cash until the work is completely finished. I don't think having the receipt for your taxes would help your return much.
- Anonymous5 years ago
I'd try to pay more than the minimum on the credit cards. At least the minimum plus the interest accrued if not making double payments. If you can afford $400-500 per month, you may be able to pay your cards down to a small amount if not pay them off in a year. You do NOT want to get rid of any of those cards. Keep them active, but don't charge much if anything until you get the balances down. You don't want to get into yet another large payment along with all the other debt you have. You have to remember that you'll also need insurance, money for property taxes, utilities (which may be higher than where you live now) and possibly HOA fees. I know all this because it was advice given to my daughter and son in law when they were looking to purchase their first home a year ago. Lenders will look at the amount of debt you have when approving the loan and may stick you with a higher interest rate. Last bit of advice. DO NOT SIGN an adjustable rate mortgage. This is financial suicide.
- Anonymous1 decade ago
Hmmmmmmmmm, sounds like something is 'fishey'...NO RECEIPT and you pay CASH?
Will you get a Warranty/Guarantee for the Work?
You may want to find ANOTHER Company.....these may be Illegals!
I've OFTEN paid Cash for services to receive a Discount....but....I got a Receipt!
MAYBE they will do it for 5% lessd but, it's
'on the side' .... the Actual company 'does not know' ....THEREFORE ...."NO RECEIPT"!
(AND Nobody to Complain to incase of Faulty work)
Be Careful, be SURE Thjey are 'Reputible"!
- edLv 71 decade ago
5% is cheap insurance. With no reciept, you have no record. and maybe no warranty.
Insist on the 5% with a reciept anyway. PUSH!
With cash, the jerk is not paying income tax. This is why he doesn't want to issue a reciept.
You do know that Sales Tax is deductible from your income tax, if it makes a difference.
Yes, you will have a record of improvements, if you ever sell.
