Recent content by Fkatz

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    STANDARD MILEAGE RATE FOR 2016

    THE STANDARD MILEAGE RATE FOR VEHICLES UP TO 10,000 gvw IS $ 0.54 PER MILE FRANKLIN kATZ
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    Important! Hwy Use Tax

    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...
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    Warning Beware: IRS Now Has Six Years To Audit Your Taxes, Up From Three

    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...
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    Important! DOES EXTENDING APRIL 15TH DEADLINE INCREASE YOUR CHANCES OF AN AUDIT

    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...
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    Tax Deductions

    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...
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    Receiving a tax notice from the IRS or a state department of revenue may not be what you were hoping

    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...
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    The Top 3 Items that might and could cause an AUDIT

    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...
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    The Top 3 Items that might and could cause an AUDIT

    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...
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    VERY INPORTANT INFORMATION PLEASE READ

    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...
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    FYI: NEW PER DIEM RATES EFFECTIVE OCT 1, 2015

    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...
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    fYI: NEW PER DIEM RATES EFFECTIVE OCT 1, 2015

    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;-...
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    fYI: NEW PER DIEM RATES EFFECTIVE OCT 1, 2015

    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...
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    FYI: NEW PER DIEM RATES EFFECTIVE OCT 1, 2015

    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...
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    Paying taxes as a subcontractor?

    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...
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