Using Your Car for Tax Planning

Using Your Car for Tax Planning

Using Your Car for Tax Planning

A lot of people might find the statement using your car for tax planning quite bizarre. They might be wondering how you can use a car to plan your taxes or even pay advance taxes for company owners. Well it is quite simple actually. Many of us earn from various sources, maybe a business, freelance work or through other investments etc. However, moment we earn, we start spending that money without taking into account the amount we need to set aside for paying our taxes. Now when the time arrives when you need to send your tax payments to the Government, you realize you have already spent everything. Whatever was deducted at source is the only tax you have paid. The final amount however, is still pending and out of reach for you.

This is where you can use your car for tax planning. Most business owners whether they have an individual consulting firm, a shop or a small proprietary business, own a car. They may even own a truck or a mobile home. No matter which vehicle you own, as long as you do have one, you can apply for a car title loan. What this loan does is that it lends you an amount in exchange of the title of your vehicle. The maximum loan amount you can qualify for would depend upon the type of vehicle you own, its age and other factors. However, you can use this loan for just about any kind of expenses you may have which include paying your taxes.

The beauty of car title loans is that your credit history does not matter whatsoever. All that matters is that you own a vehicle. Some people get worried about their taxes. Not paying taxes is a criminal offence which can lead to imprisonment as well. Delaying your taxes also holds similar repercussions and you certainly do not want to be blacklisted by the Government. Of all the bills, loan repayment obligations and other expenses that you delay, taxes are one thing where you do not have any options. You must pay the full amount and in time.

If you have not planned your finances for the year properly and suddenly find you simply cannot gather enough money to meet your taxation obligations, you must apply for the car or auto title loan. It will save you from heavy monetary penalties as well as possible prison time.

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