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Taxi and Limousine Commission

News about the Taxi and Limousine Commission. Commentary and archival information about the Taxi and Limousine Commission from The New York Times.

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