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due to the lateness of the President signing the Tax REleif Act of 2010 on December 22, 2010 the IRS is Stateing the following: 2010 Tax Relief Act Delays Start of 2010 Filing Season for Some Taxpayers IR 2010-126 Many taxpayers planning to file their 2010 tax returns early have been...

Year-End Tax Planning Client Letter With Checklists Dear clients, and future clients The midterm elections have changed the Congressional landscape, with Republicans winning control of the House of Representatives and picking up seats in the Senate. Even so, it's still too early to know...

Morning Nestor vehicle upgrades I bought a used cargo van I put into service in August of 2010. I recently added an inverter/battery system and an espar heater. Are any of these improvements tax deductible? Thanks It DEPENDS!. IF Are you planing on using the standard mileage deduction of...

all i can say is WOW Well just got off the phone from the IRS and all i got to say is this ok got tax installments ok trying like anyone to pay my back taxes but what hope have i got at a interest rate of 23.5% cal daily i will be doing this for the rest of my life in paying this back at...

Afternoon All, I have been attending a few tax update seminars over the last week and a half. Here is the tax information that you might be interested in. Prior to the New Small Business Jobs Act of 2010 the penalty is $50.00 for each return with respect to such failure occurs during any...

Hi Pushingmetal No matter, as long as you are subject ot DOT Regulations with your information on the Van you are entitled to the Per Diem. and the Mileage Deduction as long as you have an accurate record Frank Franklin Katz, RTP, ATP ,PA, PB, Frank’s Tax and Business Service 120 York...

It seems that Congress is trying to get every tax dollar they can. They rejected of not filing the information return on all expenses no matter what they are. Right now, buying fuel, maintenance, repairs, tires, even your meals are going to have to get information from the vendor of the...

Previously before the Jobs act was passed the deductible Heath Insurance for themselves adn there families self employed were not permittedfor the purpose of calculating self-employment tax. For the 2010 tax year you now are able to deduct the Health Insurance Premimuns for Self employed...

Hi All, Under the act signed by the President (publkic Law-111-240 "THE SMALL BUSINESS LENDING FUNDING ACT", H.R. 5297) ((ITS CALLED THE SMALL BUSINESS JOBS ACT OF 2010)) It brings up provisions of large changes in the current law. and this is one of them used as a revenue raiser...

hi all, It seems that there is a question in reference to the standard mileage rate for Drivers who are leased on with an owner and do not own the vehicle. The owners might be paying for all the other expenses, mechanical, tires, maintenance, they cannot take the mileage rate due they are...

THEY ARE TRYING TO HIT HER WITH THAT ALSO fRANK

HI All, HAPPY THANKSGIVING It seems that one of the persons who has been offering help in curing your tax debt is in trouble again, with the State of California. You can actually read the articles in the Sacremento Bee at Sacbee.com in reference to her Roni Lynn Deutch, "THE TAX LADY"...

Thanks Frank. Since I am working on getting all my documents together for the end of the year I will add that into my spreadsheet. __________________ Jim and Shayne Joerger Owner Operators of D7670 FedEx CC Just a reminder, it only applies to vans. __________________ Greg 1999 Freightliner...

2010 Standard Mileage Rates The standard mileage rate for all business miles has decreased to 50 cents a mile. Effective for transportation expenses paid or incurred on or after January 1, 2010. (Rev Proc 2009-54) The rate for charitable miles remains at 14 cents a mile. The rate has...

Hi all, I can only suggest what should be done between now and December 31th, Try and get all of your invoices, bank statements, receipts, etc. in order to have everything ready for you tax preparer. I would suggest not putting off the filing of your 2010 tax return until the last...

cRAZYNUFF, mileage does not count, only time counts you leave between midnight and 6 AM you recieved full day you leave between 6 AM and Noon is considered a 3/4 day you leave between Noon and 6 PM is considerd 1/2 of a day and if you leavv after 6 PM it is a 1/4 deduction, the irs way of...

Hey Guys and Gals, There is still a great misunderstanding of the per diem, If you leave out on Monday, at 8AM, the is a 1/2 of day, and you go to Nashville, then little Rock, and have a load going back toward the house, it is not concidered time off as long as your under laod, the night...

On the owners 1099 the company that he is leased on to does include all the Fuel Surcharges that he receives, and inturn, you should receive 100% of the fuel surcharges. because it is also included in your 1099, so you are paying tax on it. but the owner should not take any percentage, cause it...

Michigan Governor Approves Tax Amnesty Bill :) On October 5, 2010, Michigan Governor Granholm approved a bill that authorizes a tax amnesty to be held starting May 15, 2011 and ending June 30, 2011. The amnesty applies to all taxes administered by the Department of Treasury that are due before...

Hi All, JUST A REMINDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I am probably repeating myself again, YOU HAVE ONLY 7 DAYS LEFT ON THOSE INCOME TAX EXTENSIONS FOR TAX FILING YEAR 2009, NEXT FRIDAY. OCT 15TH Franklin Katz, ATP ,PA, PB Frank’s Tax and Business Service 120 York Rd Kings...