Standard mileage rate?
- Thread starter Marty
- Start date
If you took out a loan to pay for your truck, only the interest is deductiable.
If you leased your vehicle the lease payment are deductible, and the standard mileage rate would apply to all miles separately, but if you use it for any personal use then between 15% & 20% are not allowed.
This would be for a cargo van only
Farnk
If you leased your vehicle the lease payment are deductible, and the standard mileage rate would apply to all miles separately, but if you use it for any personal use then between 15% & 20% are not allowed.
This would be for a cargo van only
Farnk
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Frank...some of us are having a debate on the life of the mileage deduction....you and my accountant are speaking of a 5 year term..and the must go to actual expenses...and friends accountant can not find any reference or ruling in the IRS tax guidelines....
Is there a ruling or specific section? Could you post it here?
Thanks Ken aka OVM
Is there a ruling or specific section? Could you post it here?
Thanks Ken aka OVM
There are two deductions you can take when you are filling out the Schedule C profit and loss for business vehicles and other expenses. You can take the itimized deduction method or the standard deduction method.
If you take the itemized deduction you can also use the depreciation of your van along with all of your receipts. I prefer the standard deduction, which allows for the standard 50-52 cents per business mile, and the 52 dollar daily average per diem for each and every day that you can prove you were 100 miles or more away from home.
The depreciation method is only good for so many years, but the mileage does not have an age limit...if I am not mistaken. Also, whichever method you choose for that particular business cannot be changed on a later date. You have to file all of your future tax returns in the method that you've chosen for your very first return; which can be the itimized deduction method or the standard deduction method.
Don'e quote me in stone! I'm just trying to provide some redneck insight into this perplexing tax issue. I'm not responsible for anyone who gets audited or taken to jail by the IRS! lol.
If you take the itemized deduction you can also use the depreciation of your van along with all of your receipts. I prefer the standard deduction, which allows for the standard 50-52 cents per business mile, and the 52 dollar daily average per diem for each and every day that you can prove you were 100 miles or more away from home.
The depreciation method is only good for so many years, but the mileage does not have an age limit...if I am not mistaken. Also, whichever method you choose for that particular business cannot be changed on a later date. You have to file all of your future tax returns in the method that you've chosen for your very first return; which can be the itimized deduction method or the standard deduction method.
Don'e quote me in stone! I'm just trying to provide some redneck insight into this perplexing tax issue. I'm not responsible for anyone who gets audited or taken to jail by the IRS! lol.
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..I'll wait for the "experts " to chime in....Ok Guys and Gals,
The standard mileage rate is only good in Cargo Vans, (Class B) and Pick-ups with a box which is a Class C Truck
Other wise you must take deprecation and actual expenses
But here are some rules on the standard mileage rate:
1. You must be leased on to one carrier with exclusive use of you vehicle and it must be stated in the contract agreement.
2. If you have your own Authority and lease on with one carrier,or take any loads through other carriers means that you are "For Hire" and not entitled to the standard mileage rate and must take Actual Expenses including depreciation
which is 5 years on Cargo Vans and Straight Trucks
The amount of time that you can take the mileage rate is the 5 years based if you use Actual Expenses and Depreciation. due to the limitation on actual expense.
After the 5 years you must take actual expenses.
You will find this in IRS Publications downloadable online at www.irs.gov
# 334 Information on Businesses
# 463 Travel, gifts and car expenses
# 535 Business Expenses
# 946 How to depreciate Property
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
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.
The standard mileage rate is only good in Cargo Vans, (Class B) and Pick-ups with a box which is a Class C Truck
Other wise you must take deprecation and actual expenses
But here are some rules on the standard mileage rate:
1. You must be leased on to one carrier with exclusive use of you vehicle and it must be stated in the contract agreement.
2. If you have your own Authority and lease on with one carrier,or take any loads through other carriers means that you are "For Hire" and not entitled to the standard mileage rate and must take Actual Expenses including depreciation
which is 5 years on Cargo Vans and Straight Trucks
The amount of time that you can take the mileage rate is the 5 years based if you use Actual Expenses and Depreciation. due to the limitation on actual expense.
After the 5 years you must take actual expenses.
You will find this in IRS Publications downloadable online at www.irs.gov
# 334 Information on Businesses
# 463 Travel, gifts and car expenses
# 535 Business Expenses
# 946 How to depreciate Property
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
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.
I have never taken depreciation or actual expenses on the life of this van...
does this mean I can go beyond the 5 years for the standard mileage deduction?
Ok....you are saying that 5 years is the normal depreciation time, so I can't use the standard after the 5 years?
Now it just reverts back to normal actual expenses...?
does this mean I can go beyond the 5 years for the standard mileage deduction?
Ok....you are saying that 5 years is the normal depreciation time, so I can't use the standard after the 5 years?
Now it just reverts back to normal actual expenses...?
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OVM;
THE MAXIMUN YEARS FOR A CARGO VAN IS 5 YEARS ON THE STANDARD MILEAGE RATE, AFTER THAT YOU MUST USE ACTUAL EXPENSES, BUT NO DEPRECIATION DUE TO USING THE MILEAGE RATE OVER THE LIFE OF THE VEHICLE. PER IRS PUBLICATIONS.
AS FAR AS PROVING THE ARTICLE, MOST OF IT IS IN PUBLICATION #946 AND THE ACCOUNTANTS (CPA'S) THAT SAY THAT YOU CAN USE MILEAGE AFTER ARE NOT IN COMPLIANCE WITH IRS GUIDLINES. THEY DON'T READ THE PUBLICATIONS PROPERLY
fRANK
THE MAXIMUN YEARS FOR A CARGO VAN IS 5 YEARS ON THE STANDARD MILEAGE RATE, AFTER THAT YOU MUST USE ACTUAL EXPENSES, BUT NO DEPRECIATION DUE TO USING THE MILEAGE RATE OVER THE LIFE OF THE VEHICLE. PER IRS PUBLICATIONS.
AS FAR AS PROVING THE ARTICLE, MOST OF IT IS IN PUBLICATION #946 AND THE ACCOUNTANTS (CPA'S) THAT SAY THAT YOU CAN USE MILEAGE AFTER ARE NOT IN COMPLIANCE WITH IRS GUIDLINES. THEY DON'T READ THE PUBLICATIONS PROPERLY
fRANK
Thanks Frank...my CPA advised me this was my last year of being able to claim the mileage deduction....a friend of mine is into their 6th year and was told different...
2 out of 3 ain't bad....and Thanks again
Seems one of the biggest truck CPA companies out of Indy would disagree and they GUARANTEE their work....there is NO 5 year limit...if you own the van and never depreciated it thru actual expenses...MY CPA is calling IRS to get a definitive ruling if that is possible with them....
There have been various questions on the standard mileage rate deduction.
First of all you can only deduct the standard mileage rate in a vehicle with a GVW under 10,000 lbs. (Cargo Vans) if you are a business with your own authority you cannot take the mileage rate, (YOU ARE CONSIDERED "FOR HIRE")
If you use the leasing Companies Exclusive use clause you can. IT must be in the contract you sign.
You cannot take the mileage rate on a straight truck or tractor at all due to the fact that these vehicles are over the 10,000 lbs GVW.
If you lease a vehicle the lease payment are deductible
the mileage rate would also be available for a deduction it is not included in the lease.
A business loan, is considered as an asset as equity in the business and the monthly interest is the only item that is deductible even if it was for the truck, the total retail price of the vehicle is then depreciated as follows.
Straight trucks with Single Rear Axel can depreicated over 5 years, this a total GVW of 26,000 lbs or less.
Straight Trucks with a GVW between 26, 000 and over must be depreciated only for 3 years with a 4 year life.
Vans under 10,000 lbs and mileage is taken can only take that mileage for 5 years and then revert to the actual expenses
Straight trucks under 10,001 to 26,000 lbs is taken as a depreciation for 5 years with and actusal expenses.
The depreciation limits are in Publication # 946, Page
103, Asset Class/description/depreication data
00.241 Light Duty Trucks under 13,000 lbs including Vans up to !0,000 lbs 5 year life using straight line deprecialtion .
Since the maximun life is 5 years it would also mean if you use the standard mileage rate the maximun would also be 5 years, then you have to take actual expenses.
00.242 Heavy Duty Trucks over 13,000 lbs
5 years, 6 year life at Straight Line Depreication
00.26 Tractor Units Over the Road
3 years with a 4 year life at Straight Line Depreication
00.27 Trailer and Trailer mounted containers
5 years with a 6 year life at Straight line Depreication
The life # is the number of years from the date you put the vehicle inservice,
So if you purchase and put you vehicle into service in June 2011, it will be depreciated until for 6 months for 2011, and then it will be depreiciated through the 6 months to June whatever date in entered it to 2017
If you have any additional questions please 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
e-mail: [email protected]
Web Site: File Your Return Online
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-
First of all you can only deduct the standard mileage rate in a vehicle with a GVW under 10,000 lbs. (Cargo Vans) if you are a business with your own authority you cannot take the mileage rate, (YOU ARE CONSIDERED "FOR HIRE")
If you use the leasing Companies Exclusive use clause you can. IT must be in the contract you sign.
You cannot take the mileage rate on a straight truck or tractor at all due to the fact that these vehicles are over the 10,000 lbs GVW.
If you lease a vehicle the lease payment are deductible
the mileage rate would also be available for a deduction it is not included in the lease.
A business loan, is considered as an asset as equity in the business and the monthly interest is the only item that is deductible even if it was for the truck, the total retail price of the vehicle is then depreciated as follows.
Straight trucks with Single Rear Axel can depreicated over 5 years, this a total GVW of 26,000 lbs or less.
Straight Trucks with a GVW between 26, 000 and over must be depreciated only for 3 years with a 4 year life.
Vans under 10,000 lbs and mileage is taken can only take that mileage for 5 years and then revert to the actual expenses
Straight trucks under 10,001 to 26,000 lbs is taken as a depreciation for 5 years with and actusal expenses.
The depreciation limits are in Publication # 946, Page
103, Asset Class/description/depreication data
00.241 Light Duty Trucks under 13,000 lbs including Vans up to !0,000 lbs 5 year life using straight line deprecialtion .
Since the maximun life is 5 years it would also mean if you use the standard mileage rate the maximun would also be 5 years, then you have to take actual expenses.
00.242 Heavy Duty Trucks over 13,000 lbs
5 years, 6 year life at Straight Line Depreication
00.26 Tractor Units Over the Road
3 years with a 4 year life at Straight Line Depreication
00.27 Trailer and Trailer mounted containers
5 years with a 6 year life at Straight line Depreication
The life # is the number of years from the date you put the vehicle inservice,
So if you purchase and put you vehicle into service in June 2011, it will be depreciated until for 6 months for 2011, and then it will be depreiciated through the 6 months to June whatever date in entered it to 2017
If you have any additional questions please 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
e-mail: [email protected]
Web Site: File Your Return Online
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-
I explored this with 2 other truck tax "experts"....
They say you are incorrect....
Standard mileage rate?
Are loan payments covered under the standard mileage deduction or can I deduct them separately? The IRS states that lease payments are included in the standard mileage deduction but doesn't mention loan payments. mOOT
HI all,
Moot, In answer to your questions, Loan payments are not deductible only the interest is on Scheducle C,
Line 16 B, Interest other, or it shows up as line 16.
If you use the standard milage rate, here is what is not deductible.
# 1 Fuel
Loan Payments or
Lease Payments
Insurance- Liability, Collision, Bobtail
Maintenance
Reparis
Tires
Parts to repair
Vehicle Registration (Tags, (property tax, some states have it)
These are basically all of the issues that are not deductible on your Sch C.
You can find this information in IRS Publication 463
Travel, Entertainment, Gifts and Car Expense.
Chapter 4, Car Expenses: Pages, 15 & 23 for leasing a vehicle.
For other depreciation items Per PUBLICATION 946; HOW TO DEPRECIATE PROPERTY, CHAPTER 4, PAGES 35, FOR BASIC LISTING, AND PAGES 102-111- APPENDIX B- TABLE OF CLASS LIFES AND RECOVERY PERIODS
PAGE 103: DEPRECIATION CODES
00.0241- LIGHT DUTY VEHICLES (VANS) 4YEAR LIFE, 5 YEAR RECOVERY TIME CAN USE STRAIGHT LINE DEPREICTION OR STANDARD MILEAGE RATE UNDER 10,000 LBS.
00-0242 - HEAVY DUTY TRUCKS, GENERAL PURPOSE TRUCKS , 5 YEAR LIFE, USING STRAIGHT LINE DEPREICATION
00-26 TRACTORS; 3 YEAR LIFE, 4 YEAR RECOVERY- STRAIGHT LINE DEPREICATION
00-27 ALL TRAILERS OR CONTANINERS, 6 YEARS STRAIGHT LINE DEPREICATION
Based on the deprication listing above the life of the standard mileage rate is 5 years. After that, you must use Actual Expense including the items mentioned above.
Depending on your lease, Standard Lease on a vehicle at the present Time is 5 years, once the lease payment are completed,
you must take actual expenses and deprecation is not available
The standard mileage rate is only available for 5 years per IRS publication
Please have your own accountant figure both ways, Your Accountant will probably charge you extra to figure the difference.
Remember you decided which deduction you would take when your vehicle was first put into Service.
If you took the Actual Expense, YOU CANNOT SWITCH TO THE STANDARD MILEAGE RATE
If you took the Standard Mileage Rate you have to option to switch to ACTUAL EXPENSES. BUT YOU CANNOT GO BACK TO THE STANDARD MILEAGE RATE AT ALL.
If you have any questions please do not hesitate to ask, I normally check my questions approximately every two week if I am available. opr you can e-mail directly at [email protected]
Thank you;
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
e-mail: [email protected]
Web Site: File Your Return Online
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.
Are loan payments covered under the standard mileage deduction or can I deduct them separately? The IRS states that lease payments are included in the standard mileage deduction but doesn't mention loan payments. mOOT
HI all,
Moot, In answer to your questions, Loan payments are not deductible only the interest is on Scheducle C,
Line 16 B, Interest other, or it shows up as line 16.
If you use the standard milage rate, here is what is not deductible.
# 1 Fuel
Loan Payments or
Lease Payments
Insurance- Liability, Collision, Bobtail
Maintenance
Reparis
Tires
Parts to repair
Vehicle Registration (Tags, (property tax, some states have it)
These are basically all of the issues that are not deductible on your Sch C.
You can find this information in IRS Publication 463
Travel, Entertainment, Gifts and Car Expense.
Chapter 4, Car Expenses: Pages, 15 & 23 for leasing a vehicle.
For other depreciation items Per PUBLICATION 946; HOW TO DEPRECIATE PROPERTY, CHAPTER 4, PAGES 35, FOR BASIC LISTING, AND PAGES 102-111- APPENDIX B- TABLE OF CLASS LIFES AND RECOVERY PERIODS
PAGE 103: DEPRECIATION CODES
00.0241- LIGHT DUTY VEHICLES (VANS) 4YEAR LIFE, 5 YEAR RECOVERY TIME CAN USE STRAIGHT LINE DEPREICTION OR STANDARD MILEAGE RATE UNDER 10,000 LBS.
00-0242 - HEAVY DUTY TRUCKS, GENERAL PURPOSE TRUCKS , 5 YEAR LIFE, USING STRAIGHT LINE DEPREICATION
00-26 TRACTORS; 3 YEAR LIFE, 4 YEAR RECOVERY- STRAIGHT LINE DEPREICATION
00-27 ALL TRAILERS OR CONTANINERS, 6 YEARS STRAIGHT LINE DEPREICATION
Based on the deprication listing above the life of the standard mileage rate is 5 years. After that, you must use Actual Expense including the items mentioned above.
Depending on your lease, Standard Lease on a vehicle at the present Time is 5 years, once the lease payment are completed,
you must take actual expenses and deprecation is not available
The standard mileage rate is only available for 5 years per IRS publication
Please have your own accountant figure both ways, Your Accountant will probably charge you extra to figure the difference.
Remember you decided which deduction you would take when your vehicle was first put into Service.
If you took the Actual Expense, YOU CANNOT SWITCH TO THE STANDARD MILEAGE RATE
If you took the Standard Mileage Rate you have to option to switch to ACTUAL EXPENSES. BUT YOU CANNOT GO BACK TO THE STANDARD MILEAGE RATE AT ALL.
If you have any questions please do not hesitate to ask, I normally check my questions approximately every two week if I am available. opr you can e-mail directly at [email protected]
Thank you;
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
e-mail: [email protected]
Web Site: File Your Return Online
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.
Phoenix4774
Seasoned Expediter
If I am driving a cargo van for a fleet owner with a 60/40 split agreement and am paying for fuel: Can I, and if so how do I and at what rate, deduct the fuel expense? Thanks.
You can not take the mileage deduction you don't own the van..
Fuel yes, if you pay 100% then you take the deduction...
TO: OntarioVanMan, and Phoenix
There have been many question about using the standard mileage rate in cargo vans,
If you ask any driver who has used it they have not been audited yet.
there is a CCM Memo that reverses the standard mileage rate uses, it # 97-1440 if you can find it,
I have explained before if your with a company that states in there contract the they will have "EXCLUSIVE USE," YOU ARE NOT CONSIDERED "FOR HIRE". If you have your own authority then you are "FOR HIRE".
Plus the business code for a cargo van is 492000 as a courier not 484120 Otr and the per diem can be used.
There is a new form which i have available to all cargo van drivers under 10,000 gvw that you can have at no charge, it shows the shipper and reciver, plue a mileage chart for each load this is your proof for both the mileage and the Per Diem
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
e-mail: [email protected]
Web Site: File Your Return Online
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 avoiding related
penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.
There have been many question about using the standard mileage rate in cargo vans,
If you ask any driver who has used it they have not been audited yet.
there is a CCM Memo that reverses the standard mileage rate uses, it # 97-1440 if you can find it,
I have explained before if your with a company that states in there contract the they will have "EXCLUSIVE USE," YOU ARE NOT CONSIDERED "FOR HIRE". If you have your own authority then you are "FOR HIRE".
Plus the business code for a cargo van is 492000 as a courier not 484120 Otr and the per diem can be used.
There is a new form which i have available to all cargo van drivers under 10,000 gvw that you can have at no charge, it shows the shipper and reciver, plue a mileage chart for each load this is your proof for both the mileage and the Per Diem
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
e-mail: [email protected]
Web Site: File Your Return Online
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 avoiding related
penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.
To OntarioVanMan
YOU CAN PRIVATE MESSAGE ME ON THIS.
Whcih 2 truck experts are you talking about. the say you cannot use the mileage deduction.
i AM GUESSING IT WOULD BE TWO OF THESE
CBS, ATBS, PBS, I DONT REMEMBER THE 4TH BUT HES IN TEXAS, THESE ARE THE 4 BEST KNOWN THAT I KNOW OF.
You can with exclusive use clause in contract. then you are not "FOR HIRE "
Frank
YOU CAN PRIVATE MESSAGE ME ON THIS.
Whcih 2 truck experts are you talking about. the say you cannot use the mileage deduction.
i AM GUESSING IT WOULD BE TWO OF THESE
CBS, ATBS, PBS, I DONT REMEMBER THE 4TH BUT HES IN TEXAS, THESE ARE THE 4 BEST KNOWN THAT I KNOW OF.
You can with exclusive use clause in contract. then you are not "FOR HIRE "
Frank
Thanks Frank..I am all cleared up now...but I'll take one of them forms with shipper and receiver....
[email protected]
[email protected]
Ontariovanman,
What did you finally find out. I know the one in INDY your talking about and the do not use the purblication that I quoted in an earlier post as to the life of the cargo van, and how long the standard mileage pate can be taken. IT IS THE SAME AS IF YOU DEPRECIATED IT.
I have had quite a few contact me and changed to me for there financials due to cost, and knownlege Since I was also a Owner/operator and Company Driver from 1991-2005 when I sold my Cargo Van. I was contracted to CTX. and Drove prior to that Carretta Trucking, Paramus, NJ (OUT of Business) it originally became Load One for about a year in the late 90"s and was pout out of business by the DOT for Mob connections and drug trafficing in the trailers out of Jersey City, Nj. IT HAS NOTHING TO DO WITH THE CURRENT LOAD ONE EXPEDITERS
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
e-mail: [email protected]
Web Site: File Your Return Online
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.f
What did you finally find out. I know the one in INDY your talking about and the do not use the purblication that I quoted in an earlier post as to the life of the cargo van, and how long the standard mileage pate can be taken. IT IS THE SAME AS IF YOU DEPRECIATED IT.
I have had quite a few contact me and changed to me for there financials due to cost, and knownlege Since I was also a Owner/operator and Company Driver from 1991-2005 when I sold my Cargo Van. I was contracted to CTX. and Drove prior to that Carretta Trucking, Paramus, NJ (OUT of Business) it originally became Load One for about a year in the late 90"s and was pout out of business by the DOT for Mob connections and drug trafficing in the trailers out of Jersey City, Nj. IT HAS NOTHING TO DO WITH THE CURRENT LOAD ONE EXPEDITERS
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
e-mail: [email protected]
Web Site: File Your Return Online
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.f