XM deduction

**layoutshooter** · 01-07-2010, 05:19 PM

I was listening to the Lockridge report today, they had some tax guys on. Those guys claimed that XM radio was a legit tax deduction. It is considered a "business too" since it is used for traffic reports, weather etc. Any ideas?

**comet_4298** · 01-07-2010, 07:26 PM

yes,you can ..............check with your accounting services

**layoutshooter** · 01-07-2010, 08:15 PM

Thanks for the info.

**aristotle** · 01-08-2010, 05:01 AM

I write off my XM subscription every year. Their weather reports influence my decision making in load selection.

**layoutshooter** · 01-08-2010, 11:45 AM

Mrs. Layoutshooter informs me that we have been deducting it ever since we put it on the truck. She handles that end of the business. I guess I should just ask her what is going on, eh?

**oncedrove** · 01-08-2010, 01:54 PM

Originally Posted by layoutshooter

Mrs. Layoutshooter informs me that we have been deducting it ever since we put it on the truck. She handles that end of the business. I guess I should just ask her what is going on, eh?

Have to ask the BOSS I see, same at my house. LOL

**layoutshooter** · 01-08-2010, 02:25 PM

Originally Posted by oncedrove

Have to ask the BOSS I see, same at my house. LOL

Yepper!! At least in this business I only have one boss most of the time.

**Fkatz** · 01-19-2010, 10:18 AM

Hi All,

If you ask the IRS Directly and really get an answer is "NO" it is not a legal deduction, they consider it entertainment ,

Here is the list of what legally is not deductible on a truck

VCR, DVD, TV, Satellite TV, Lot lizards movies while on the road this is due to it is considered entertainment, but if you do take them which is done every year by everyone make sure it is only at 50% of the cost. You cannot take a 100 per cent deduction.

on the same line that you put your per diem, if you have the capacity to bring up explanations on difference lines that would carry over to the Overflow page you enter it as

Misc. Entertainment XXXXX $$$$$ adn divide by 2 and enter that figure on the total line

if you have any questions on this do not hesitate to ask

Franklin Katz, ATP ,PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934

Providing Professional Accounting Services and Income Tax Preparation

Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.