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L.l.c'sThis was originally posted in July 2008 LIMITED LIABILITY COMPANIES; IN 3 PARTS- GOOD , BAD AND THE UGLY PART 1, THE GOOD: 1. Much less administrative paperwork and record keeping than a Corporation: 2. Pass-through taxation, no double taxation, unless the LLC elects to be taxed as a...

Choosing your Business EntityI posted this around February 2009 in reference to what you can choose as a Business Entity In the paragraphs below you will find the forms of what types of business entities that are available. FORMS OF OWNERSHIP One of the first decisions that you will have to...

I know of a lot of drivers using Turbo Tax, Tax Act, and and Blocks Tax Cut, I only have one bit of advice on these return processing softwares, IF YOU ARE AUDITED BY THE IRS FOR ANY REASON, YOU BETTER HAVE ALL THE ITEMS THAT YOU DEDUCTED ON THAT RETURN WRITTEN, AND ACCESSIBLE TO THEM...

Am Sorry Bubblehead, but the TRIKE IS NOT CONSIDERED A VEHICLE FOR PICKING UP PARTS, AND it must be actually a Registered and Taged Vehicle for mileage deduction Franklin Katz Franks Tax & Business Service 315 E. King St Kings Mountain, NC 28086 704-739-3934 Temporary contact #

For any Straight TRuck over 10,000 LBS GVW cannot use the mileage rate, it must use Actual Expenes, Fuel. tolls, repair, insurance etc, only Franklin katz 315 E. King St Kings Mountain, NC 28086 704-739-3934 for now 704-739-4039 has not been reconnected yet. since I moved on Feb 4th

Hi, sorry for the delay, but I was forced to move my office last week and have not had iphone service or nternet acess. week of Feb 4th, If you do not recieve your 1099, or w-2's by the end of this week, call your owner, or company and tell them that if you do not recieve your papers your...

It seem to me it should be July and Oct. I know, it has been bothering me for years on why they are not payable on July ans Oct 15th instead, but that is the way they want it, it screws up the accounting periods for figuring the quarterly P & Ls Frank

January 1,2013, everything old becomes new, As it stands as of today the tax cuts in force for the past ten years will expire, the payroll tax cut on Social Security will expire and the rate will go back up 2% to its original amount. New taxes in many states could become law and active in...

Hi, I can only suggest that you read IRS Publication 544, Sales and Disposition of Assets, it will give you a much better explanation than I can of it being taxable either as Ordinary Income, or a Capital Gain. the capital gain tax rate is a little less percentage point then you total income...

My Suggestion is any of the ones listed below, Quickbooks Pro Quicken Business MS Excel Microsoft Works Spreadsheet MS Money The difference with the Quicken Business is that it has a transportation Chart of Accounts already built into it, the only thing you would have to do is give each...

Hi All, I said in a previous replay to this thread that a LLC only protects you in your home state, but there are very few that work together. Check your laws concerning these LLC's As far as a Sole Propreitor, you can set up a payroll account and have taxes withheld, but you must pay...

Ragman, How do you get away as a Non-profit, watch out they are going to audit approx 1 million non profits this year All others, If you are a Full corporation, or "S' Corporation, you must take a resonabile salary, and have taxes taken out, it is completely deductible to the Corp. you...

The fuel tax rate for PA is $ 0.381 cents per gallon, I have tried to check on the mileage tax rate but could nofind them for you state, but you can go to ExpeditersOnline.com Expedited Trucking Owner Operator Careers and Truck Sales .Com to find all the tax rates per gallon per quarter. Did...

Morning mjmsprt40 it is the total mileage that is used for business. that is from the time you leave the office, and return, doesn't make any difference weather its dead-head or not. But, I do not know what company which is normally at the end of it, and you work for, but I myself would...

SORRY for THIS NEWS, but the mileage rate has not changed yet, no notices have been updated or received to date. The standard mileage rate for all of 2012 is $ 55.5 per mile driven for busienss miles only For Cargo Vans, up to 10,000 GVW only Also, you must keep a accurate record of each...

Tax Relief for Victims of Hurricane Isaac in MississippiLA/MS-2012-14, Sept. 5, 2012 Updated 10/01/12 to include Copiah, Franklin, Jefferson, Jones and Lamar counties. Updated 9/10/12 to include Adams, Amite, Clarke, Forrest, George, Hinds, Lincoln, Marion, Pike, Stone, Walthall, Warren and...

HI ALL, The new Per Deim rates have not changed form Oct 1, 2012 through September 30, 2013 They Are As Follows SECTION 3. SPECIAL M&IE RATES FOR TRANSPORTATIONINDUSTRY The specialM&IE rates for taxpayers in the transportation industry are $59 for anylocality of travel in the continental...

Your Welcome Lawrence! Basically the definitition of the law is this! if you do any major repairs like: 1. Complete Engine Rebuild or Replace 2. Complete Transmission Rebuild or Replaced ( does not include changing Transmission oil and filter only 3. Repair any bodywork from an...

Sorry I wrote under 55,000 GVW, its suppose to be Over 55,000 GVW for form 2290 Certain Filing Changes For Heavy Highway Vehicle Use Tax Return Notice 2012-57 notifies taxpayers that the IRS Modernized eFile (MeF) system will not be available from August 31, 2012, through September 4, 2012, for...

Depreciating Property Acquired Under Code Secs. 1031 or 1033 As a taxpayer involved in a like-kind exchange or who replaced property after a casualty loss, regulations concerning the annual depreciation allowance for the replacement property may be of interest to you. Under a typical...