How can I prove my income for a car loan if most of my income is cash tips?
"I want to get a car loan, but the only income I report is the $3.15 wage I get as a server.
Can I prove my income in another way if I want to get a car loan?"
Answer provided by
Answered on May 26, 2021
“You should be reporting all of your tips to the government for tax purposes. But, in reality, most servers only claim a small portion of them.
If this describes you, then you’re going to have a tough time providing adequate proof of income, as you can’t prove you made tips you haven’t claimed.
If you want to get a car, you might want to consider declaring your tips as taxable income. Or, you can save up and pay cash for a vehicle.”
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