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[B]Tax Audits & Penalties Anyone seeking help with taxes should start with the fundamentals. Here are the basics of taxes. For the 12 months ended Oct. 2005, the IRS received nearly 131.3 million individual income tax returns with tax payments of over $990 billion from individuals, according...

Marty, that is advise that I cannot give you, do to I am also a tax preparer, and since I am on this forum, you know that I specialize in trucking. You have to make the choice yourself of weather you want a national Chain doing it by a canned software or someone with the knowledge and the...

"Two 1099s" Mar-28-07, 00:16 AM (EDT) I have 4 units signed on to a carrier,i want to add one under my new LLC will there be trouble if i have 2 1099s from my carrier? one with my name the other with my LLC. You will have no problem, IF you are a single member LLC, it would be filed as a...

Gotta put my 2 cents worth in, It seems that the Social Security might run out a lot faster since Congress passed that "ilegal Aliens" can recieve SS Benefits even though they did not contribute to it. AINT THAT A KICK IN THE YOU KNOW WHERE!!!! AND YOU KNOW ALL THEY HAVE TO DO IS COMEACROSS...

Hey Frank. You have a list of whats deductable when using the mileage system? I remember: Tolls Showers Motel [b]YES ON THE THREE ABOVE[b]/ I believe maintenaince, fuel, van payments, insurance all are covered under the mileage system. [b]ALL OF THE ABOVE, DEPRECIATION, MAINTENAINCE, FUEL...

Hi Frank, Is it true that if you claim a loss each year, when you go to retire you will get little or nothing from Social Security? Thanks for all the advice you give here. Ain't No Feelin' Like Six Wheelin' Arlene and Jim I am soory to tell you that that is the truth, and you cannot have...

HI ALL, THIS IS SOMETHING TO THINK ABOUT!!! Answering the Ever Plaguing Question WHY USE A TAX PREPARER WHEN I CAN DO IT MYSELF!!!! All Taxpayers have several options when preparing their returns * Paper * Personal Computer with store bought software * "Friends" who have a...

RE: To: Streakn1 #3 Hi Gary, Thank you for you post, and Yes, that is what I thought, There is no problem as far as what has happened so far and appreciate your remarks, and there is definitely no problem with anyone answering a question for me. if they find that it a true answer, So many...

MSinger Member since Jan-4-05 191 posts 4 feedbacks 8 points 2. "RE: What expenses can be deducted?" Mar-10-07, 07:38 AM (EDT) In response to message #1 I drive a 10,000# GVWR cube van. I should be able to take the mileage deduction vs actual expenses. However on the per diem since I do not...

I was an independent contractor in 2006 and I received 60% of the gross of the truck. I paid for fuel and tolls and the workers comp insurance. What can I deduct as far as the truck goes? Can I use the miles as a deduction? I also know I can take the $52 a day per diem. Thanks. [B] Hi...

[color=blue] It seems that a lot of you O/O's and company Drivers wait until the last minute thinking that you are going to owe tax and want to put off the inevitable. What you do not realize is that by planning ahead and those paying estimated taxes over the year reduces the burden when you...

frank,i worked last year for a month,ran a log book.i was a contractor,is my per diem also $52 a day?my accountant has no clue about this(per diem)amount. wv beachbum [b] Beachbum, Thats because he has no idea about the trucking industry, but the $52.00 per day is correct. but you cannot...

themagicoen Member since Feb-5-06 226 posts 2 feedbacks 2 points "Ethics question" Feb-18-07, 10:27 AM (EST) Hi! I drove for a owner from Jan 06 to Jul 06 and the truck grossed about $70,000, I as a contractor got about $40,000 of that. The owner and I had a dispute and he still owes...

Sorry for the delay but the per diem is 52 us and 58 Canada but it is subject to 75% of the the total Frank

Difficulties with turbotax?" Feb-11-07, 09:30 PM (EST) I'm trying to file my taxes through TurboTax, but I get to a screen where it tries to determine weather I qualify for the standard mileage deduction or not. Now I own(still make payments)the van, and I am an expediter with a local company...

Crazynuff, Sorry for the slight delay in getting back to you but Your lucky only a few faded out, If there are any receipts that you get that are on thermal paper, make sure you make a copy of them ASAP. even though you have the originals over time they will not be readable. Frank

Frank, on the receipts you will also have your statement from Comdata if you paid that way or if by credit card you will have that statement which will take the place of the actual receipt if it fades out for proof. Bob & Linda Caffee FedEx Custom Critical D6077 OOIDA Member #697330 EO...

turbotax" Jan-28-07, 09:34 PM (EST) I was just wondering if you recommend using the Turbotax software to prepare my own return.I am owner/operator in cargo van for FCC.Would I be able to take all available deductions using this?Thank you! tyyoung, I think I answer this on a direct email to...

Craynuff you asked I have been told the fuel surcharge is not taxable . If that is true , can the full expense of fuel be deducted or how does this work ? Thanks Frank . I know this is a busy time for you . [b] Sorry you guys, but it included on your settlements as part of your income and...

RE: To: Streakn1 #3 I got a message from expediters online and they said that they deleted it That is why it did not go through the normal channel due to something that it was not necessary to post. Or something like that. Frank