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If You Drive A Straight Truck You Could Be Looking For A Audit Frank

I have a question... -------------------------------------------------------------------------------- Frank or anyone with tax knowledge, I went with standard mileage deduction this year so does that mean I don't have to keep all my receipts(fuel,tolls etc) for 08? I didn't have a need...

Vehicle Depreciation -------------------------------------------------------------------------------- Ok, how does one go about getting the vehicle's depreciation. I have a 2007 Ford E 350 with 143,000 on it. Also on another subject, does the government reimburse you for all those little...

I received a letter in mail by the IRS saying that they are examining/auditing my 2004 taxes for employee business expenses. I was a team truck driver with husband 2000-2005. We filed in 2005,I had a nervous breakdown on the road and I separated from him in April 05 & filed for divorce.Divorced...

The normal length of time that you would have to keep sole Propreitor self employed records is 7 years here also, You do not have to keep any personal receipts except for you 1098's mortgage interest paid, savings, and bank statments and checks. there are a few other items for personal that...

No, there is also a formula for the mileage deductions that you have taken, that has to be recaptured, it is not a percentage, you would have to go by the formula, If you do not sell and wind up keeping the van for personal use, there is not capital gains and no recapture. Frank

Income splitting -------------------------------------------------------------------------------- How does a O/O (one truck) account for the income/taxes on that business? Do you pay yourself a 1099 and the business pay it's own taxes or do you just pay it all yourself? Should a single...

We Appreciate the post but please keep the political views out of this forum, Put this on the General formum so all can see. Thank you Franklin Katz, ATP, PA Franks Tax & Business Service Circular 230 Disclaimer - Any tax advice in this communication (including any attachments)...

Hi Everyone, There was a new law that pertains to all Sole propreitors who are Married, File Joint Returns, the law states, if you are a couple and only one recieves a 1099 MISC for a income producing business, t all of income and expenses are split equally between both parties, This is...

You donot have to have an accountant (CPA) (EA), You can have anyone prepare your taxes professionally, but make sure the really know the Trucking Industry, You cannot use the average tax preparer do you your specialized industry. Frank Circular 230 Disclaimer – Any tax advice in this...

There is a fourmula for recapture in Publication 946, How do I depreciate business property and yes the total is recaptures Frank Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any...

Cell Phones and air cards are deductible if they are use over 50% business, and have to be deducted on a pro rated or percentage of use. the normal rule of thumb on this subject is that the Air Card would be completely deducted but the Cell phone that you use for both personal and business...

Hi All, It seems that everyone has there own opinion on what is and what is not deductible as far as the PER DIEM is concerned. The Per Diem Deduction is for any type of food only, You do not need reciepts, But you must either have proof that you were on the road, or copies of Bills of...

Terry, If they go off lease then they cannot take the standard mileage rate and be protected, If the carrier that they are lease with pays them after they take the load under there insurance then it would be considered mileage rate, but if they recieved a separate 1099 from the...

Thank you Terry, the Depreciation is not the greatess for of deduction, but for persons who do not put the high mileage on it. it might be considered the best way, The only problem is that is could post a "Red Flag" for an IRS Audit, due to the fact that your contract with the leasing...

Thronapple, Forum name: Tax Topics For Expediters. Subject: RE%3A Reposition milage Posted by: Thornapple Message : I guess we still have a misunderstanding. I'm a driver of a D unit. I Put myself in service on Monday morning and sometimes get a load and sometimes don't get a load. On...

In response to message #2 >IF it is under 250 miles one way it would not be considered >as a days out, it must be over that mileage inorder to >claim it. OK, I pick up a load in Cleveland, OH and deliver in Saline, MI. I'm 171 miles from home, so I go to the Pilot at x 3 on US-23 to wait...

Frank: Once again the subject of per diem deductions other than the standard meal allownace of $52; US has been addressed. Please share you comments on the trucker eligibility of the per diem deduction which includes hotels. Terry and Rene' FedEx Custom Critical White Knuckle Division...

RE: FYI NEW STANDARD MILEAGE AND PER DIEM RATES FO Sorry Jerry, But that is the Government, Not me, I'm all for a larger increase, but if you look over that last 3 years, there has been sufficant increase in 2003 from 38 cents per mile to 41 cents, and in 2005 it was 41, and increased to...

RE: FYI NEW STANDARD MILEAGE AND PER DIEM RATES FO Subject: "FYI NEW STANDARD MILEAGE AND PER DIEM RATES FOR" Previous Topic | Next Topic Fkatz Charter Member 488 posts 8 feedbacks 14 points "FYI NEW STANDARD MILEAGE AND PER DIEM RATES FOR" Oct-12-07, 04:08 PM (EST) Hi All, I...