• not to own the car

    From Ogg@CAPCITY2 to esc on Thursday, September 08, 2022 09:26:00
    Hello esc!

    ** On Wednesday 07.09.22 - 19:45, esc wrote to Arelor:

    A finantial advisor I used to know would advise you not to won the car,
    but to build a phantom company that owned the car, so you could get tax
    deductions for the car \o/

    I need this guy's help on taxes this year, please hehe

    You *might* get away with it for 5 years (5 years is a
    reasonable period for a new biz to not have any profits) ..but
    eventually your "phantom company" would need to show invoices
    or sales receipts for its services if requested by the irs to
    show that your company is "a valid going concern".

    If you can get away with not showing those papers, it could
    conceivably be possible to simply shut down that company and
    start a new one when you need another car. :/

    Best to try to operate a legit biz, and lease the car. The
    lease is a 100% tax expense.

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  • From Arelor@PALANT to Ogg on Thursday, September 08, 2022 15:00:08
    Re: not to own the car
    By: Ogg to esc on Thu Sep 08 2022 09:26 am

    You *might* get away with it for 5 years (5 years is a
    reasonable period for a new biz to not have any profits) ..but
    eventually your "phantom company" would need to show invoices
    or sales receipts for its services if requested by the irs to
    show that your company is "a valid going concern".

    If you can get away with not showing those papers, it could
    conceivably be possible to simply shut down that company and
    start a new one when you need another car. :/

    Best to try to operate a legit biz, and lease the car. The
    lease is a 100% tax expense.

    It depends. There are lots of ways to do tax engineering depending on the country.

    In Spain, it is outright suicidal for a family business to own a car from the point of view of tax filling. The chances are hight you will be fined for trying to get tax deductions for the car usage even if the car is 100% a business car. If you fill a complaint the tax agency will tell you to ditch the car and use a bus instead.

    BECASE THE TAX AGENCY THINKS YOU CAN LOAD THREE PORTABLE ECOGRAPHS EVERYMORNING IN THE BUS. ** FUCK YOU, TAX MEN. SIT ON A SAUSAGE AND SPIN!!!**

    So in the end, unless you are a transport-focused company, leasing is safer since they just don t chase after leasing contracts. Still, it is an artificial imposition which is very, very recent.

    Realistically, a family could set up a non-profit and try to get registered as a Cultural Asociation. Then they could get deductions for owned cars and accounting needs not show benefits. The Lating Fucking Kings were recognized as a non-profit Cultural Asociation, so if they could, anybody can.



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