I got a mates dad- and he said " forget trading son"- get a taxi licence, shipping the bankers around London/NYC-and all " cash work" so not much tax to pay
with high gas prices..taxi drivers barely making a living. it's costing transportation industrly billions in extra cost for every penny gas prices rise.
not anymore. they all accept credit cards and must maintain all the books. rules are extremely strict and penalties are severe..not to mention the cost of medallion itself..prepare yourself and those "mates" for quite a bit of shock- http://www.usatoday.com/money/industries/travel/2009-08-05-taxi-cab-new-york-city-medallions_N.htm Philly- http://www.philamedallion.com/452.html
the guy who owns the cab company may be rich but not the drivers. who are employees....cabbies just raised their cab fares now. because of higher gas prices.
dude...i didn't know much about taxis..but looks like you and your mates know about this shit even less than i'm...there is a counter in each cab. like i said-now each cab accept credit cards. you can can count as much as 50% of payments via CC. and on top of that-do you really like to play those games with IRS? specially in these times? gvt will cease your medallion in a fucking blink,if you try to fuck with them on taxes..when you pick up a passenger-how do you know,if this guy is not working for TLC? here,study this site,read philly stats in link above(i specially like the result in example with negative cash flow) http://www.nyc.gov/html/tlc/html/about/about.shtml anyway-good luck with this idea. make sure you have 700+K for a medallion.
I am english- I do not deal with american authoities- no rhym or reason to do so,-I was purely advising - " suck it babes"