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AD: PART II LLC Disadvantages While a limited liability company (LLC) offers many advantages over other forms of business entity, there are also some disadvantages. Some of the drawbacks to selecting an LLC over another entity are: * Earnings of most members of an LLC are generally...

[B]This is a Post From the Internal Revenue Service regarding FLOOD, STORMS TORNADO, AND , tHIS WAS POSTED YESTERDAY Victims of Floods, Storms and Tornadoes In Six States Now Have Until Aug. 29 to File Certain Returns IR-2008-89, July 14, 2008 WASHINGTON ––The Internal Revenue...

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 "C" Corporation 3. Limited liability...

On December 20, 2007 President Bush signed into law the MORTGAGE RELEIF ACT OF 2007. If you had any of the three provisions and your Accountant, CPA, or Tax Preparer did not tell you about it, Even if it did not pertain to you. You are missing out on tax updates that you should of known...

Aren't you considered 'for hire' even if you, as an owner-operator, are leased on with a carrier? Wouldn't the mileage rate only be deductible as an expense if you used your own vehicle as an employee in the course of doing business for your employer? And isn't there something about it having...

TURBO TAX FIGURES IT OUT BUT I DO NOT KNOW HOW OR WHERE TO PUT IT SUBJECT TO DOT REGULATIONS. YOU WOULD HAVE TO FIND OUT IN THE HELP COLUMNS. fRANK

iT DEPENDS ON WHAT COMPANY YOU ARE ON WITH, AND HOW THEY GO ABOUT REPORTING THE FUEL TAX. IF YOU CAN FIND THE RULING ON UNDER 26,000 LBS, AND THE TRUCK IS REGISTERED THAT WAY, AND YOU CAN PROVE IT THEN YOU MIGHT BE ABLE TO GET REFUNDED, BUT NOT FROM THE IRS, IF YOU ARE REFUNDED IT...

Hi Ross, There are a lot other deduction that you can take as a driver besides the per diem, I hope you got the correct amount. 75% of the total of 52.00 per day YOU CAN AMEND YOUR RETURN AND CORRECT THE ITEMS THAT WERE NOT TAKEN ON THE ORIGINAL RETURN, BUT i WOULD HAVE TO HAVE ALL...

ITS OFFICIAL EFFECTIVE JULY 1, 2008 THE NEW MILEAGE RATE FOR CARGO VANS IS 58.5 CENTS PER MILE. THE RATE FOR JANUARY THOUGH JUNE 30 IS 50.5 CENTS PER MILE, So this year you have a split mileage, so Come July 1, mark the mileage on the speedometer down, and then again at the end of...

cRAZYNUFF, IF YOU FILE A AMENDED RETURN, WITH HER EX, THEN SHE IS REPONSIBLE FOR THE TAXES HE OWES, ONCE A PERSON FILES SEPARATELY.THAT PERSON IS NOT RESPONSIBLE FOR ANYTHING HER EX DOES. ESPECIALLY FOR TAXES OWED. FRANK

Dave, the answer to this is that the standard mileage rate would not be deductible at all. Then you become "FOR HIRE" with your own authority, fRANK

Hi all, The answer to this question is confusing to a lot of DRIVERS. [B] If you are on the Road and Rent a Car to transport yourself to a hotel, Motel or home while your truck is in the shop for repairs. then the expenses is totally deductible. If you drive the rental home, once you...

Hi All, It seems that there is confusion on this question, Since the truck broke down, and is in the shop, the car rental and a Hotel are deductible, and it includes the per Diem for the days that you are broke down. On Schedule C The Per Diem is reimbusement for meals...

Do not file an amended return, if you do you will be responsible for his tax bill, you are the one that filed and he would have to file the same way you did. not the opposite, I myself cannot help you in this situation, I am only a Accredted Tax Preparer, and Practing Accountant, I have...

I will go with examples tomorrow 4/24/2008

Right now it would be a good idea if you put aside aound 40%. it should not be that much , but if you take the amounts you have made in the first quarter of 2008, Add up the income, if your married, deduct 10,900 Standard Deduction Single 5,450 and the...

I forgot to mention about the H/W team operation, Starting with this years tax return (2007) if you use a Schedule C, it may be file Jointly and if there is a profit both will pay into SS. this way it will not leave your spouse high and dry with no Self Employment tax paid in. you enter all...

It seems that there is much confusion over what and what not can be deducted by truck drivers. As I said in earlier posts the Per Diem is a reimbursement for FOOD ONLY, and does not pertain to Showers, Hotels, laundry, or anything else. it is only for food. Hotels, Motels, Showers...

It seems that there are always a few explanations into accounting in class and in the real world, In trucking you must have a separate account for all your business transaction, If you are a Sole Propreitor, all you have to due is withdraw any amount that you would like and transfer...

Frank, Many carriers permit Lease Owner/Operators to also have their own authority. I thought that I read a post indicating that having reportable income from both of these sources during a tax year would somehow generate a closer scrutiny by the IRS. Any thoughts? ***************...