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NYT > Taxi and Limousine Commission

25 November 2020

NYT > Taxi and Limousine Commission

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