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iF YOU FILE YOUR RETURN BY MAIL, YOU MUST SEND IN ALL YOUR INCOME PAPERS, w-2'S 1099'S BUT YOU CAN ALSO SHOW INCOME ON LINE 1 OF YOUR sCH C WITHOUT THE 1099, IT IS THE TOTAL INCOME THAT IS ON YOUR SETTLEMENTS IF YOU RECIEVED THEM OR BY ESTIMATING WHAT WAS DEPOSITED PLUS ANY DEDUCTIONS THAT WERE...

Afternoon all, I think you all know that the Fisrt half of the 2011 tax filing season is over, there are now 6 weeks and 4 days left to file your tax Return, If you are in need of an Extension Please contact your Tax Professional by April 15th 2012 so that they can file that extension for...

Charity Purchases and AuctionsA regular form of fundraising by charitable organizations consists of sales or auctions of property or services at a price in excess of value. These are referred to as “quid pro quo” contributions or dual payments made that consist partly of a charitable gift and...

Using Direct Deposit is a Smarter Option for your Refund. Want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 79 million people had their tax refunds deposited directly...

Most Reefers are not conbined with your Main Fuel Tank in the trucks, they are normally separate, When You fuel up after you fill the main tanks you must turn off the pump, and then have it turned back on for the Reefer to fill. that way you wil have a fuel Receipt with the total Gallons for...

Whoever suggested to put the estimated income on form 1040 line 21 Other Income you are asking for trouble, Since you are self-employed it goes on Sch: C line 1, Income and then you use all your expenses If you net down below $0.00 you do not have to pay social security tax on that, but if...

Those Gold Sales May Be TaxableIf you took advantage of the escalating gold and silver prices and made any sales of gold, silver, gems, jewelry, or the like during 2011, you are required to report the sales on your tax return. Whether or not the sales are subject to tax, and at what tax rate...

Schedule Cs in the IRS' Bull's-eyeSchedule C is the form that unincorporated sole proprietor businesses use to report their income and expenses as part of their individual tax returns. Schedule Cs have been center stage in recent IRS “tax gap” estimates. The tax gap is defined as the amount of...

Any expenses that you paid out on that truck are a deduction to you on Sch C. if you are not an owner, and are leased with an owner and there truck , they are responsible for Maintenance, tires, repairs, oil, anything else should be your expense Frank

It seems that there is a problem with Per diem in regard to Cargo Vans. If you use Mileage, and want to prove both, there must be a daily record of both. AND I MEAN DAILY, NOT TOTAL MILES FOR MONTH, OR YEAR,. You must keep some type of log, even though you do not use log books. I used...

You must have the Subject to DOT REGS WITH AN EXPLANATION OF HOW YOU GOT THE FIGRE SO IF THERE IS A OVERFLOW AVAILABLE ON THE RETURN IT MUST SAY THE FOLLOWING XXXX Days subject to Dot Regs at $59 per day. and put the total on line 24b, Do not include any entertainment on this line other wise...

Hi All, it seems that there is quite a bit confusion on what the per diem is, The per diem is a reimbursement for food only, since most of sleep in out vehicles, it is based on $59.00 per day subject to 80%, So if your figuring and inputing that figure into any over the counter software...

Morning, The depreciation Deduction is very confusing to configure by yourself, but the standard is 5 years, straight line depreciation (SL). Do not use the macros, it will really confuse you. or if you want you my take the whole amount this year, but I would not advise that, since you will...

Morning All, If you have not recieved your 1099 by Friday Feburary 10, 2012, You can call the IRS at 1-800-829-1040, ask for the business division or press the key for that division, wait for an operator and as to speak to someone. DO NOT HANG UP!!!!! . iT MIGHT BE 10-15 MIN, BUT HOLD...

My Advice is to be honest and do the right thing instead of screwing with them, If you are audited, or caught for doing so, it will land you possibly in Jail under the provision of Fraud. Normally they can only audit you for 3 years, if they consider fraud, that can go back as far as they...

Hi all, It seems that you basically stated the general relation to each line that your quoting on the Schedule "C". But basically you must actually break down by description each item, for instance Insurance : Liability/collision, Occupational Ins./and or Workmen Comp. Cargo Ins. or other...

Morning All, There have not been any definite answer from the IRS as to this looking into 1099 Misc, Sch "C" Solepropietor. Taxpayers, right now then are only looking into the amount of taxpayers that they said they were going to check out. You still would need a separate Checking account...

Re: IRS releases standard mileage rate for 2012 I do not think the $29K applies to "for hire" vehicles, at least thats what my Turbotax business software tells me. But for these vehicles, actual expenses must be claimed instead of mileage, both can not be claimed, some people do it anyway (lol)...

IRS Releases 2012 Standard Mileage Rates The IRS has released the 2012 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical...

Medical; HSA's amd MSA's Cost of non prescription Drugs are no longer a qualifying expense for Health Plan Reimbursements and Withdrawals from health savings accounts The penalty tax rate for nonqualified dirstibutions from HSA's and MSA's is 20% for 2011 Quailfied medical expenses paid with...