CVRP hacking for hi income?

I’ve been lurking for a while, prepping for a new car. I don’t think I qualify for CVRP due to household income. (1st world problems). Any ideas on which car leases will keep the CVRP rebate themselves? Is that even possible? Looking for any other hacking ideas on it.

I don’t think any of the dealers keep the CVRP for themselves, unless you decide to send them the money after you get it.
The reason is they don’t qualify for it, you do or you don’t, but it’s between you and the state, not the dealer.
I was actually thinking about it, unfortunately not because I make too much money :joy::joy:
If you have kids going to college they may qualify for you kinda… If they live at separate address and not claimed as dependents on your taxes. Is it obvious yet that I don’t know what I am talking about?

Assign all of your income to an LLC. Easy.

how does it work for W2 income?

It doesn’t.

20 char…

Tell your employer you want to become an independent contractor and just pay the same amount as an LLC :slight_smile: A lot of professionals are going to be doing that once/if Trump gets his tax bill through

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Easy. Get a straw buyer. Get someone with low income to lease the car and then you make the payments instead …

Sorry to take this off topic, but wouldn’t you lose your benefits (health, vision, dental, 401k, etc) if you become a independent contractor (if you’re full-time salary)?

I don’t think these are actual serious responses. Any attempt to bypass W2 will just end up as pass-through income anyways so you’ll still be too “rich” to qualify. To make yourself “poor” would require income not be distributed to you such as if you left profits within a C corp (and other shenanigans). I don’t see how the benefit would be worth the cost.

Absolutely which is why your employer would take the deal in a heartbeat …

LOL, got it.

Just curious, as an independent contractor, don’t you get more pay? What would be the average extra one would get? 10% - 25% more?

Wondering if the extra will off-set the lose of the benefits and stuff.

CVRP is based on household income, not an individual’s income.

The status of independent contractor or employee is not one of convenience. Both statuses are defined by certain qualifications. So you can’t just ask your boss to reclassify you as one or the other, although it certainly happens a lot (doesn’t make it legal). There are significant wage issues for classifying employees incorrectly. Independent contractors are not provided benefits, vacation, sick, etc, so there may be a concession on compensation, but it’s not a requirement and thus there’s no defined percentage. Independent contractors also pay self-employment tax whereas employees only pay their share of it.

Thanks for clarifying it. Recently, I’ve been hearing about this more and more.

I’ve read that there are penalties for classifying an employee in the wrong category by the IRS. But i’m curious to know if someone created a formula to see the benefits of being an employee opposed to being an independent contractor under Trump’s new tax plan.

LLC filing as S-Corp is the way to go.