Search results

Morning Jumbuck, I am very suprised to see that the Van Owner is paying you on a 60/40 split, since she owns the vehicle, and is paying for the following: Repairs, Tires, and Insurance. Normally this Split would be 35/65-40/60-45/55 - depends on the expense she would have to bear if any...

I attended the IRS Nationwide Tax Formum in Atlanta, GA this past week, and I had a chance to actually speak live with one of them, and they stated that even though it was a DOT Requirement it is not "Common and Accepted", nor "Ordnary but it was Necessary, (IT MUST BE BOTH,) to be able to be...

I just got off the the phone from the IRS with Mr. Tinsdall, IRS Business Division, Sch C, Taxpayers in must be in accordance with Publication 535 Business Expenses He stated that it must be "COMMON AND ACCEPTED" , ALSO IT MUST BE "ORDINARY AND NECESSARY" within the transportation industry IN...

Tax Increases Looming in 2013Without Congressional action before the end of the year, just about everyone, rich and poor alike, will be hit by tax increases. These increases are the result of temporary tax benefits that will expire at the end of 2012. Just about everyone will be affected in...

i ALSO JUST GOT OFF THE PHONE WITH THE IRS IN REGARD TO THE CREDIT CARD REWARDS PROGRAMS. THEY ARE NOT TAXABLE AT ALL. AND ARE PERSONAL IN YOUR OWN NAME, IF YOU USE ANY CREDIT CARD REWARDS TO PAY FOR ANY BUSINESS DEDUCTION AT ANY TIME YOU CANNOT USE THAT AS AN EXPENSE. PER PUBLICATIONS 334...

Hi all, The Tax Preparation fees are for any location were you reside, it is not just for one area of the country, I do truck taxes from Califorina, Oregon,Washington State to Maine to Florida, it does not make any difference were you are located. I have a secure web site where all information...

I can only go by what the tax law states as far as Medical deductions, I will try and have an exact answer for you intime for the Expo on weather it is deductible or not on your SCH C

Any Rewards that you recieve are not considered Income, but they cannot be used as a Deduction on your Business Sch C. If so, they are considered Income if the rewards total over $600.00 and the credit card CO might send you a 1099 if so. i AT THE PRESENT TIME CANNOT REALLY VERIFY THIS...

HI ALL, sORRY FOR THE LONG DELAY GETTING BACK TO ALL OF YOU, BUT HERE IS A PROBLEM WITH BEING A LLC. A LLC is a Limited Liability Corporation, which is exactly as it is stated. Here is the Major Problem 1. An LLC is limited only to the state borders that you live...

Thank for giving that infomation, I personally have tried to ask Lawrence for an email to be automatically sent when a post is posted so that I can answers in a more timely manner

hI ALL, YOUR MEDICAL EXPENSES ARE NOT DEDUCTIBLE ON YOUR BUSINESS NO MATTER WHAT IT IS FOR, EXCEPT YOUE PREMIUMS THAT ARE IN YOUR COMPANY NAME ONLY. sINCE THIS IS BASICALLY PERSONAL YOU ARE ABLE TO DEDUCT THE COST OF YOUR MEDICAL EXPENSES FROM YOU INDIVIDUAL TAX RETURN ON SCH a- ITEMIZED...

MOST REWARDS ARE NOTHING BUT A PAIN IN THE YOU KNOW WHERE, THE ONLY ONE THAT I THINK IS WORTH IT IS THE BANK OF AMERICA CASH BACK, HE GETS A SEPARATE BANK STATMENT FOR IT AND HE AS ADDED SOME $25000 IN CASH BACK REWARDS OVER THE LAST 3 OR 4 YEARS, AND USES IT FOR ALL TRANSACTION INCLUDING...

Morninbg all, Sorry for not answering your messages within the last 3 weeks, but I switched from standard DSL to U-Verse and have been having problems actually getting online. Please forgive me, Frank’s Tax and Business Service 120 York Rd Kings Mountain, NC 28086-3151 (704) 739-4039...

Thanks Lawrence,

Hi all, There are lot of tax Preparation companies that say they do truckers taxes, but 85% actuall do not know the trucking industry. I cannot downgrade any tax company but I have cleints who use to use the couple that you are saying. I have about 25 Truck drivers who use to use some of...

Hi all, There are lot of tax Preparation companies that say they do truckers taxes, but 85% actuall do not know the trucking industry. I cannot downgrade any tax company but I have cleints who use to use the couple that you are saying. I have about 25 Truck drivers who use to use some of...

Morning Moot and all others, Its true that the $900.00 is quite alot for just your tax preparation Here are my Charges, The following forms are included with the preparation If you would like me to do your Bookkeeping which is $85.00 Per Month or $1,020.00 per year for Individuals and...

Tax Filing Deadline Rapidly ApproachingJust a reminder to those who have not yet filed their 2011 tax return that April 17, 2012 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. Normally the...

Your welcome

Your are entitled to $59.00 per day for every day that you log, or if in a cargo van keep a acturate record on each day, If you are in a cargo van, you are also allowed the standard mileage deduction if you use the courier desigation on your return. He is what you have to do to Prove Per...