Page 1 of 2 12 LastLast
Results 1 to 20 of 24

How to get a Check at a Scrapyard?

| General - Let's talk business
  1. #1
    ScraperRick started this thread.
    SMF Badges of Honor


    Member since
    Aug 2011
    Posts
    63
    Thanks
    1
    Thanked 6 Times in 6 Posts

    How to get a Check at a Scrapyard?

    Hi guys, my name is Ricky, I'm from America! This is my first post here and I'm looking forward to hanging out at this forum and talking about what we love most: Scrapping lol!

    So here's my question: I'm new to scrapping and I'm just concerned about how to get a check at the scrap yard. Well a friend of mine told me that you need a driving license to get a check, that's no problem, I got one, but will they still give me a check if I ask them to make it on someone else's name?



    Say if my name is John Smith on my license n I ask the Scrap Yard to make out the check to Jane Doe - like my business partner, etc. Will that work. Also is there anything else I should know about this process! Thank you!


  2. #2
    PartTimeScrapper's Avatar
    SMF Badges of Honor



    Member since
    Aug 2011
    Location
    Morrison, Colorado
    Posts
    3,400
    Thanks
    1,004
    Thanked 3,256 Times in 1,335 Posts
    Cash is good Its like a check made out to everyone.

  3. The Following User Says Thank You to PartTimeScrapper for This Post:


  4. #3
    Mick's Avatar
    SMF Badges of Honor



    Member since
    Aug 2010
    Location
    Palermo, Me
    Posts
    3,405
    Thanks
    363
    Thanked 3,086 Times in 1,326 Posts
    In that case, why wouldn't you use the business name? Where is this income being reported for taxes?
    People may laugh at me, but that's ok. I laugh all the way to the bank.

  5. The Following User Says Thank You to Mick for This Post:


  6. #4
    ScraperRick started this thread.
    SMF Badges of Honor


    Member since
    Aug 2011
    Posts
    63
    Thanks
    1
    Thanked 6 Times in 6 Posts
    Would that really be an issue with them or not? The only reason why I'd probably have to ask for a check is because I don't think they have large amounts of cash with them.

    Also would I be able to just make a bank account under a business name an have them cash it on that? If so how do I do that?

    Thanks so much guys!

  7. #5
    Mick's Avatar
    SMF Badges of Honor



    Member since
    Aug 2010
    Location
    Palermo, Me
    Posts
    3,405
    Thanks
    363
    Thanked 3,086 Times in 1,326 Posts
    No, but it could be a BIG issue with the IRS. I wouldn't worry about how much cash they have - that's their worry if they pay in cash. Check with your bank about setting up a business account. I was able to set one up under my personal account but separate. Allows me to keep money separate from personal funds which satisfies the IRS.

  8. #6
    Scrap man's Avatar
    SMF Badges of Honor

    Member since
    Nov 2010
    Location
    NY
    Posts
    657
    Thanks
    36
    Thanked 172 Times in 93 Posts
    Have you actually been to a yard near you? I'd check to see if they pay cash, because many yards do.
    There's nothing more fun and more effective than hitting something repeatedly with a sledgehammer

  9. #7
    newattitude's Avatar
    SMF Badges of Honor


    Member since
    Jun 2011
    Location
    Hinckley Ohio, home of the buzzards
    Posts
    2,163
    Thanks
    1,431
    Thanked 2,497 Times in 904 Posts
    Quote Originally Posted by Mick View Post
    In that case, why wouldn't you use the business name? Where is this income being reported for taxes?

    Sounds like it might not be? lol, this was an .............interesting question to say the least!

  10. #8
    PartTimeScrapper's Avatar
    SMF Badges of Honor



    Member since
    Aug 2011
    Location
    Morrison, Colorado
    Posts
    3,400
    Thanks
    1,004
    Thanked 3,256 Times in 1,335 Posts
    You mean you have to claim scrap money for taxes?

  11. #9
    ScraperRick started this thread.
    SMF Badges of Honor


    Member since
    Aug 2011
    Posts
    63
    Thanks
    1
    Thanked 6 Times in 6 Posts
    - Mick

    Don't we usually report our taxes at the end of the year? What do u mean exactly.

  12. #10
    Dumpster-Dee's Avatar
    SMF Badges of Honor



    Member since
    Feb 2011
    Location
    SW Georgia
    Posts
    1,775
    Thanks
    2,286
    Thanked 838 Times in 457 Posts
    Nooooooo mgd !!! Say it ain't so !!!

  13. #11
    hobo finds's Avatar
    SMF Badges of Honor


    Member since
    Nov 2010
    Location
    tucson, az
    Posts
    4,746
    Thanks
    6,035
    Thanked 5,906 Times in 2,555 Posts
    Not much cash to be found at a scrapyard

  14. #12
    Mick's Avatar
    SMF Badges of Honor



    Member since
    Aug 2010
    Location
    Palermo, Me
    Posts
    3,405
    Thanks
    363
    Thanked 3,086 Times in 1,326 Posts
    Quote Originally Posted by PartTimeScrapper View Post
    You mean you have to claim scrap money for taxes?
    Yes. If in doubt, ask the IRS.

  15. #13
    Mick's Avatar
    SMF Badges of Honor



    Member since
    Aug 2010
    Location
    Palermo, Me
    Posts
    3,405
    Thanks
    363
    Thanked 3,086 Times in 1,326 Posts
    Quote Originally Posted by ScraperRick View Post
    - Mick

    Don't we usually report our taxes at the end of the year? What do u mean exactly.
    Yes, but WHO is reporting it as income on their taxes.

  16. #14
    SMF Badges of Honor


    Member since
    Apr 2011
    Location
    CulpeperVA /Caroline VA
    Posts
    50
    Thanks
    23
    Thanked 3 Times in 3 Posts
    interesting questions ! truly mind boggling!

  17. #15
    PartTimeScrapper's Avatar
    SMF Badges of Honor



    Member since
    Aug 2011
    Location
    Morrison, Colorado
    Posts
    3,400
    Thanks
    1,004
    Thanked 3,256 Times in 1,335 Posts
    Personaly If i dont get a 1099 then it aint reported
    Last edited by PartTimeScrapper; 08-19-2011 at 11:53 PM.

  18. #16
    Mechanic688's Avatar
    SMF Badges of Honor



    Member since
    Mar 2011
    Location
    Warsaw , Ind. In the heart of the lakes, and down the street from the hotel where Al Capone stayed.
    Posts
    9,568
    Thanks
    11,247
    Thanked 10,730 Times in 4,728 Posts
    You mean you have to claim scrap money for taxes?
    Only if you get caught,,lol

  19. #17
    KzScrapper's Avatar
    SMF Badges of Honor


    Member since
    Apr 2011
    Location
    Denver Metro, CO
    Posts
    4,841
    Thanks
    7,019
    Thanked 5,792 Times in 2,417 Posts
    Just in case Big Brother is listening I just want to go on the record as having reported everything.
    Recyclable Material Merchant Wholesaler
    Certified Zip-Tie Mechanic
    "Give them enough so they can do something with it, but not too much that they won't do nothing."

  20. #18
    PartTimeScrapper's Avatar
    SMF Badges of Honor



    Member since
    Aug 2011
    Location
    Morrison, Colorado
    Posts
    3,400
    Thanks
    1,004
    Thanked 3,256 Times in 1,335 Posts
    OK i admit it I work for the IRS and im a spy everyone but KZ will be getting audited this year

  21. #19
    Hypoman's Avatar
    SMF Badges of Honor



    Member since
    Dec 2010
    Location
    Indiana
    Posts
    1,268
    Thanks
    2,772
    Thanked 1,331 Times in 512 Posts
    Quote Originally Posted by Mick View Post
    No, but it could be a BIG issue with the IRS. I wouldn't worry about how much cash they have - that's their worry if they pay in cash. Check with your bank about setting up a business account. I was able to set one up under my personal account but separate. Allows me to keep money separate from personal funds which satisfies the IRS.
    Also on that note MAKE SURE you have a tax i.d. number.......you can get it right off the governments websites and the last time I looked it was only 10 bucks. And register your business name and that costs ME 80 bucks......... but you live in different place so that will probably different.

  22. #20
    BasicMetals's Avatar
    SMF Badges of Honor


    Member since
    Aug 2011
    Location
    Mount Clemens / New Haven
    Posts
    18
    Thanks
    0
    Thanked 6 Times in 4 Posts
    Yeah, we require a Federal Tax ID number to create any business profiles in our purchasing system. So to have a check printed in a company name, it has to come along with a tax id #. Michigan state law requires us to issue a check on any transactions over $50, but you'd NEVER be able to get a check printed in someone else's name. The name on the check matches the name in the computer which matches the name on your picture ID. To do it any other way sounds fishy and sketchy, and no respectable yard will put their butts on the line to do this for you.

    Get a personal checking account, deposit the cash, and write the checks yourself if that's how you need to handle it.


  23. Similar threads on the Scrap Metal Forum

    1. The Scrapyard Scale Debacle
      By TrailerScrap in forum General - Let's talk business
      Replies: 32
      Last Post: 01-19-2020, 06:51 AM
    2. Going to the scrapyard
      By CAPTSCRAPER in forum Scrap Metal Videos
      Replies: 2
      Last Post: 11-01-2012, 10:31 AM
    3. My first scrapyard run
      By Craasher in forum A Day in the Life of a Scrapper
      Replies: 7
      Last Post: 09-01-2012, 08:38 PM
    4. Just got this tidbit from my scrapyard.
      By Mechanic688 in forum General - Let's talk business
      Replies: 12
      Last Post: 08-22-2012, 08:24 PM
    5. Starting a new scrapyard
      By daw_green_clean in forum General - Let's talk business
      Replies: 25
      Last Post: 10-16-2011, 04:43 PM

Page 1 of 2 12 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

 
Browse the Most Recent Threads
On SMF In THIS CATEGORY.





OR

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

The Scrap Metal Forum

    The Scrap Metal Forum is the #1 scrap metal recycling community in the world. Here we talk about the scrap metal business, making money, where we connect with other scrappers, scrap yards and more.

SMF on Facebook and Twitter

Twitter Facebook