IRS Tax
Most of taxi-cab drivers failed to report all of their total revenue to the IRS. As a result, under the provision of some State statutes and local jurisdictions, when cab drivers win a medallion in a lottery, many of them have huge problems trying to get a financial institution like a regular bank to finance his/her medallion and the vehicle. They do not report the cost of their lease, which is more than $32,000.00 and all local taxes, which is more than $5,000.00 in some jurisdictions, so how can the bank know that you have the capability to repay the loan?
Here is a good way to do your tax return:
EXPENSES
Car wash .....................................................................>>$800
Legal and Professional Services .......................................>>$2200
Telephone.....................................................................>>$468
Utilities .........................................................................>>$200
Purchase of Camera.......................................................>>$1500
Leasing of Vehicle .......................................................>>$34675
State, County, City Tolls Charge & Gas Taxes ...................>>$5324
Travel .........................................................................>>$1831
Gas.............................................................................>>$6000
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Total Business Expenses $47,598.00
Compensation of officers or Net Income: .....................>> $15,500.00
Personal Information for 1040
JOHN DOE
SSN 747-34-9875
P.O. Box 3879
Miami, FL 33162