My husband and I clean houses for clients who pay cash, and we've been keeping our money at home, but our accountant says we need business bank accounts for tax purposes, and we're nervous about having to explain our cash-based income to banks who might not understand our situation.
More people experience this than they realize.
Tax compliance forces interaction with financial systems that may not accommodate informal business models.
“Where Are You with Financial inclusion and the unbanked?”
If this sounds familiar, the Library can help you find the bigger picture.