Search results

another per diem question -------------------------------------------------------------------------------- Does the dedoction you take for per diem affect the amount of social security you have to pay if you receive a 1099? Is there any difference in deductions that you get from per diem...

Here is some guidelines as to what should be saved after you file your tax return, I think this was posted a few times before, but here it is again, directly from the IRS web site. What Tax Records to Keep You probably already keep records in your daily routine. This includes keeping...

I do not believe that no one came back to you and said do this, that , otr the other, If you still did not file your tax return, give me a call, Former Company Driver, O/O, Expediter, Owner, I have been completing truck drivers returns since 1998 Franklin Katz, ATP,PA, CPB Frank’s...

Standard mileage deduction for 2008 January 1, through June 30, 2008 $ .50 and 1/2 cent per mile July 1, 2008- December 31, 2008 $ 58.5 per mile, Franklin Katz, ATP,PA, CPB Frank’s Tax and Business Service 120 York Rd Kings Mountain, NC 28086-3151 (704) 739-4039 Fax: (704)...

i drove for 2 owners in 2008 who did not pay me. one i have a judgement against. the other is way out of state. i do not expect to receive a 1099 from either owner. do i show an estimate of what is owed by each? one owner owes me for expenses i covered like an oil change and motel rooms...

Yes you can use the standard mileage deduction less 15% for personal use. Frank

Reasons Why People Should Have You Do Their Taxes Sometimes it’s most important to convince yourself that the tax preparer you chose are worth the fees they charge for preparing taxes. Can they benefit you to reduce and advise their clients. Here are 6 things to remember the next time you...

Yes You are making a mistake, Depreication on a Straight truck or tractor is (3) years, not 5 and that is one reason you got audited or if they did not check that then they got you for something else, but normally the 3 years is correct. If you look in IRS Publication 946 around page 97...

I fyou sell your truck outright, and not trade it in you are subject to capital gains tax on the profit. The profit will be the difference between what you sell it for, less your cost plus recapture of the depreciation that was taken when purchased. You normally would wind up with a...

I remember when if you parked in a Wal Mart, you never got kicked out no matter what time it was. At that time I was a Company Driver and was delivering to the Wal Mart in Sidell, LA. in the front parking lot it had height restricing bars over each enterance that would allow a Cargo van with a...

Re: Depreciation; Purchased used 2007 St Trk answer that was posted on 1/12/2009 -------------------------------------------------------------------------------- Cargo vans are 5 years, straight trucks and tractors are 3 years, trailers are 6 years it also is a prorated in the first...

Multible Tax Return Forms -------------------------------------------------------------------------------- Franklin I worked first 9 months of 2008 as a O/O Expediter, and during that same time as a part time OTR driver for a temp service. Due to the bad economy, I then gave these two...

Tax Preparation Tips: Professional Advice With the holidays behind us, tax season is now in full gear. How can you prepare in order to avoid a stressful and potentially costly return? Here are a few tips from a tax professional to help you avoid any IRS anxiety in 2009 for your 2008 tax...

Re: Deductions -------------------------------------------------------------------------------- What if you was on the road 300 days and you hired your kid to come into your home office and search for loads for you.and say you have someone take care of the place a groundskeeper would you...

Deductions -------------------------------------------------------------------------------- If you drove for an o/o and are receiving a 10-99 what can you deduct. we received 60% of load and 100% FSC . Here's all I can come up with. Fuel/ Fuel Tax/Tolls Per Diem GPS Comdata Fees...

What Tax Records to Keep You probably already keep records in your daily routine. This includes keeping receipts for purchases and recording information in your checkbook. Keeping these and other records will help you avoid headaches at tax time. Good recordkeeping will help you remember the...

Information Release Immediate Release January 15, 2009 Business / Financial News / Personal Finance / Consume!r Interest 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 National...

When you trade in your truck, van etc for the same. , you must file a form 8824 like kind exchanges and be figured as followed, I use only 12cent per mile to make it easier to explain: TRADE IN OF ASSETS Trade In of Assets When a business asset is used as a trade-in for similar...

Cargo vans are 5 years, straight trucks and tractors are 3 years, trailers are 6 years it also is a prorated in the first year depending on the month that it is put in service. So if you put the vehicle inservice in April, you would get 3/4 of a year in the first year of the financed...

This now is a Federal Law that all CPA's, EA's and any tax preparers will request from all taxpayers. which was Effective January 1, 2009. It is called " SECTION 7216 TAXPAYER CONSENT OR DISCLOSURE RULE 1. All tax preparer must have the taxpayers sign a CONSENT TO USE THEIR TAX...