Taxes: I know how to pay less (legally)

Reply Subscribe

Thread Tools

Search this Thread

09-15-2005, 11:26 AM

#11

Bimmer32

Contributors

Join Date: Aug 2005

Location: Houston, Texas

Posts: 2,114

Likes: 0

Received 0 Likes on 0 Posts

My Ride: 2005 BMW 545i, Silver Grey, Sport Package, R. Shades, Cold Pkg, Sat. Rad., Prem. Sound.

Quote:

Originally Posted by Evenflow545' date='Sep 14 2005, 06:22 PM

Better solution in USA:? Buy a $65,000.00 BMW.? ? Keep in garage.? ? Buy $17,000.00, slightly used Cadillac Deville for business.? ? Gets 28 mpg, highway.? ? Drive the living shit out of it, on business, at 41 cents per mile IRS reimbursement.? ? The mileage reimbursement soon pays for the Cadillac.? ? Drive the BMW to dinner and for fun.? Throw the Cadillac away and buy another one.? ? Repeat as often as necessary.

[snapback]170674[/snapback]

Hey, you're giving my secrets away. I buy a BMW, garage it, and filed it as a pleasure car on the insurance (little cheaper). I use my Camry for business (it's old). In reality, I miss the bimmer every day I don't drive it.

If you're contracting, work short hours and negotiate higher wage (Provide to the employer that you get the job done, though). That way, you can deduct mileage every day you go to work. Now, that's benefit. Of course, you have to work at least 2 different place (1 is home and the other work place). Home business.

Reply Like

09-16-2005, 08:03 AM

#12

Ricracing

Contributors

Join Date: Jul 2005

Location: Helsinki, Finland

Posts: 7,790

Likes: 0

Received 0 Likes on 0 Posts

My Ride: My ex-ride: EU '08 LCI 520dA. Space Grey, Sport Seats in Black Leather/Fabric Anthracite, Sport Steering Wheel, A/C with Extended Features, Hi-Fi Speakers, Cup Holders, Cruise with Braking function, Folding Rear Seats, Xenons, Park Distance Control.

In Finland we get 0,40 ? (0,5 $) per kilometer.

And this money is tax free!!!

If my E60 would be a company car it would increas my salary with some 1230 ? / month and I'd have to pay a 60 % tax on that (1230 x 0,6= 740?).
But then I woudn't have to pay for gas, insurance nor maintance.

My car costs about 70.000 ? (87.500 $) here in Finland.

Reply Like

09-16-2005, 11:52 AM

#13

Lucky

Senior Members

Thread Starter

Join Date: Feb 2005

Location: Genova, Italy

Posts: 309

Likes: 0

Received 0 Likes on 0 Posts

My Ride: 535d Eccelsa, 05 2005 (built 12-04), sapphireblack, beige dakota leather, electric seats, poplar wood trim, sport suspension, 124 style 18" alloys, differentiated f/r runflat tyres, steptronic, adaptive light control, bi-xenon, BMW PRO nav, cd, cd changer, electric-foldable and automatic antidazzle rear mirrors, automatic antidazzle internal rear mirror, adjustable central armrest, BT, Hifi Professional LOGIC7 , extended functions aircon, full lighting package, green comfort fascia on windshield, PDC park distance control, voice control, CPT9000 car phone, BMW Assist, BMW On-line, BMW Tracking, alarm system, programmable remote controls.

Quote:

Originally Posted by Ricracing' date='Sep 16 2005, 05:03 PM

[snapback]171383[/snapback]

Well, now I tell you how it works here.

You lease (actually long term rental) a 65.000 Euros 535d; you will pay about 1.800 Euros per month, everything included. The only cost you have on top is fuel and highways tolls. Then you fill every month your reimbursement form. For a 535d (every car has its own figure) you're allowed to charge the company 0,71 Euros per km. The money you get from your company for your mileage is totally TAX FREE and totally deductable for the company (it's a production cost).

In this way, being quite a hardcore traveller, I make about 4.000 Euros every month of reimbursements. Deducting the lease and the fuel, I get every month about 2.000 Euros TAX FREE! And I don't need to drive any bloody Cadillac or Camry or Fiat.