| As a general proposition, yes. But, you need to see a tax professional (Because of the nature of the business, I'm going to go a little farther and say a CPA is appropriate.) this year to do proper reporting and write-up. You also need to see an attorney knowledgeable in "money service businesses" as you have many federal rules to follow, including the Patriot act.
You may or may not be in violation of your credit card agreement and you certainly have some liability issues so I'd make sure you see your insurance professional too.
By the way, you *need* to do these things to make sure you don't go to jail. Such things are how certain people make dirty money clean and you need to protect yourself to make sure that is not what is happening.
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When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it.
--W. T. Pooh (aka A. A. Milne) | 
02-02-2009, 08:04 AM
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