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THE STANDARD MILEAGE RATE FOR VEHICLES UP TO 10,000 gvw IS $ 0.54 PER MILE FRANKLIN kATZ

Hi All Again, i am back with important information in reference to owners with tractors and other vehicles grossing over 55,000 lbs Tax Warning for Truckers: Highway Use Tax Returns Due Soon WASHINGTON, D.C. (AUGUST 13, 2016) BY JEFF STIMPSON Truckers and other owners of heavy highway...

No one wants to be audited, so knowing how long your tax return can be attacked is important. The statute of limitations on taxes is a fundamental rule allowing taxpayers to eventually cut off their exposure. It can be pretty satisfying to say to the IRS, “sorry, you’re too late.” But this year...

Instead of rushing to April 15 to file your taxes, you can go on extension, but should you? And if you do succumb to the allure of an extra six months, do you increase your odds of audit? Few deadlines are more dreaded than the annual rush to April 15th. You may not want to delay it. You may...

Hi All, Its been a busy tax season, and i really have not had the time to post here this year, but the list that Lawrence posted is incomplete. You can go to my website and print off a 9 page listing of deductions that can be used for the trucking industry at www.frankstaxbusiness.com...

Here is a copy of information with reference to receiving and audit Letter (CP2000) A taxing authority such as the IRS or your State Department of Revenue will issue a written notice under various scenarios, some of which are discussed below. (Note that the initial contact is always by mail...

Morning All, An Audit could happen to anyone at any time, It is done randomly. but according to the tax associations and there tax law update seminars they are saying, with no proof that Sole Proprietors who file Federal Form Schedule C Profit/Loss from trade or business. Approximately...

Hi all, You might be interested in these. December 16, 2015 These 3 tax deductions could lead to an IRS audit Getting audited are taxpayers' worst nightmare, but that shouldn't stop you from taking advantage of the tax deductions you're legally entitled to take. You should just take care to...

HI All, Its that time of year again, and I will be here to answer questions on a weekly basic or give you information that might concern your income tax filing for 2015 Here is some important information, It seems that the IRS last night again reduced a very important deduction. THEY HAVE...

Hi All, I Wish to thank Team Caffee, Vandrver2 and all the others that sent me alerts of which I cannot name them all for thanking me for this information. BUT REMEMBER, YOU MULTIPLY THE TOTAL NUMBER OF DAYS THAT YOU ARE OUT! Lets Say 300 x 63 days would equal;- $ 18,900.00 Times the Maximum...

Hi All, I Wish to thank Team Caffee, Vandrver2 and all the others the sent me alerts of which I cannot name them all for thanking me for this information. BUT REMEMBER, YOU MULTIPLY THE TOTAL NUMBER OF DAYS THAT YOU ARE OUT! Lets Say 300 x 63 days would equal;-...

IRS Updates Per Diem Rates for Lodging and Meals WASHINGTON, D.C. (SEPTEMBER 16, 2015) BY MICHAEL COHN from Accounting Today Magazine . The Internal Revenue Service has set the special per diem rates starting Oct. 1, 2015, which taxpayers can use to substantiate the amount of expenses for...

IRS Updates Per Diem Rates for Lodging and Meals WASHINGTON, D.C. (SEPTEMBER 16, 2015) BY MICHAEL COHN from Accounting Today Magazine . The Internal Revenue Service has set the special per diem rates starting Oct. 1, 2015, which taxpayers can use to substantiate the amount of expenses for...

Hi All, This is Frank, from Frank's Tax & Business Service, in Kings Mountain, NC, It seem that this post is in my Formun, and as you all know i do Truck Driver Taxes for all who want. Yes you are considered a Contractor, and you will have to pay based on the profit between the Gross and the...

I heard some chatter on the new Drug Test procedure which might hamper some of you. The New DRUG TEST WILL BE USING NOT YOUR BLOOD, BUT YOU HAIR FOLICALS, WHICH CAN PROVE THAT YOU USED SOME SORT OF DRUGS WITHIN THE LAST NINETY (90) DAYS., But don't quote me on this, it was an article...

I already spoke with Carroll at the office and she explained that anyone in finance can be on my forum Thanks Frank

Hi Finance Guy, i would like to know why Lawrence put you into this Tax Forum, and also why you do not have your own forum Franklin Katz 315 E. King St Kings Mountain, NC 28086 (704) 739-4039 Fax (704-739-3934 E-mail- [email protected] www.Frankstaxbusiness.com

Obamacare Adds New Levels of Complexity to Tax Returns Article Highlights: New tax return complexities caused by Obamacare Penalty for not being insured Premium assistance credit Insurance marketplace subsidies and possible repayments New 1095 series reporting forms Obamacare – or, more...

Last-Minute Congressional Action May Require Some Year-End Tax Moves Article Highlights: Congress passes extender bill IRA to Charity Transfers for Older Taxpayers Bonus Depreciation for Businesses Sales Tax Deduction Above-the-Line Tuition Deduction Home Energy Saving Improvements...