Where are taxes coming from? How are they calculated Alex Snyder
illumiQUOTE performs magical math all over the place. Algebra and calculus come into play almost as much as addition and multiplication. You thought those things would never be practical when you learned them in school didn't you? I did too.
Taxes are wild! Kentucky, Illinois, New York, and California know that all too well. Some states have varying rates in each county while others sacrifice a goat before their voodoo tax rate can be figured out. Got a trade? Want a one-pay lease? Need 32,000 miles per year? Want to include the personal property tax? There are so many scenarios to account for.
When the zip code is set in illumiQUOTE we check it against state and local tax codes for a loan, lease, and cash deal. When a trade is applied we check it again just in case the customer's zip code changes the way equity is taxed. Rebates can be applied different ways and things can change depending on whether money is applied to the cap costs or not.
We do our best to make this as seamless as possible. Making things simple is not easy to achieve. Sometimes we don't get it right, but we are here to work with you to get it right. Reach out to us at support@frikintech.com or use this chat if you ever think we aren't calculating taxes right.
We have not yet found a situation we couldn't tax right. Maybe one day we'll help you do your tax returns.
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