Discussion in 'Business & Tax Advice' started by jakesnakemon, Oct 26, 2015.
Is there any way at all to not pay taxes on this car my friend has had for 6 months? Uber? Lyft?
Is the car owned, financed or leased?
Why you don't want to pay tax dude! It is not only illegal but also very ethical behavior from your side. My humble suggestion, you should see the law of your country on this issue.
i would pay the taxes... they are not that much i mean in my state my wife and i bought a $26k car and paid i think $1300 in taxes.... only small percentage of the cost of the car...
You can write it off if you have the name of your company/business across three sides of the car. Also would make sense to create an LLC and then transfer the title to it (assuming this car is pricey)
Just pay the taxes, it will save you a whole damn lot if you ever got caught up in any trouble.
I read a story how a billionaire was hiding like a few hundred million (I think 200m) in off shore accounts.
The IRS found it all and after all the years hiding the money and not paying taxes on the money the IRS adds penalties year after year.
After all was said and done he went from a billionaire to broke just because he didn't want pay taxes on a few hundred million.
Moral of the story. Pay taxes
I agree, always pay your taxes and do everything legally
Did he get the car as a gift? Then taxes would not have to be paid on it.
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