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Hi all, It seems that you basically stated the general relation to each line that your quoting on the Schedule "C". But basically you must actually break down by description each item, for instance Insurance : Liability/collision, Occupational Ins./and or Workmen Comp. Cargo Ins. or other...

Morning All, There have not been any definite answer from the IRS as to this looking into 1099 Misc, Sch "C" Solepropietor. Taxpayers, right now then are only looking into the amount of taxpayers that they said they were going to check out. You still would need a separate Checking account...

Re: IRS releases standard mileage rate for 2012 I do not think the $29K applies to "for hire" vehicles, at least thats what my Turbotax business software tells me. But for these vehicles, actual expenses must be claimed instead of mileage, both can not be claimed, some people do it anyway (lol)...

IRS Releases 2012 Standard Mileage Rates The IRS has released the 2012 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical...

Medical; HSA's amd MSA's Cost of non prescription Drugs are no longer a qualifying expense for Health Plan Reimbursements and Withdrawals from health savings accounts The penalty tax rate for nonqualified dirstibutions from HSA's and MSA's is 20% for 2011 Quailfied medical expenses paid with...

Hi All, If you in Lorado, ever think of looking at the load board for something that might take you out of there, But you have to find out from Panther if you could use there insurance and DOT Numbers, If they allow it it can get you to the Freight lanes, If they allow it they will...

Hi All, This is very true, but The IRS has lost a case with all of Fed EX, that there contractors are independent of them and do not have to take all loads, but the problem with this is that if you do not you go to the bottom of the list and maybe you will sit for a couple of days even...

Morning Underdog, I have read your message and let me ask you a few questions. All income must be reported W-2's and 1099's but each would be considered as separate income, you 1099s are for you being an independent Contractor, and have to file a Sch C, Profit or loss from...

To all Any business no matter what it is can form a corporation in any of the Non-taxable states. The following states have NO Personal Income Tax Delware, Florida, Tennessee, New Hamphire, Texas, Nevada As Far As Corporate Taxes are concerned the following have them. they are...

Hi All, Thanksgiving is just around the corner and it really is time to start getting you paperwork in order so that you can file your 2011 tax returns on time and not ask for an extension. Remember if you file for an extension and file after April 15th. and you owe tax you only save the...

For owners who are looking for drivers and you want information about them you can contact the following: [email protected] or call 1-800-331-9175 This is actually there DAC REPORT OR you can report any derogatory infromation to them about a driver you had or have ...

that is a large question, to Incorporate or Not If you are trying to avoid the tax liability it would be necessary, but corporate income is taxed separately, and then you would recieve a Corp K-1 for for the profit in the corp. If you incorporate you would have to do the following Forming a...

Poondog, Since you are considered a local driver the PER DIEM does not apply and is not deductible, but the mileage rate is. Frank

We appreciate all the questions that you have sent us since we have been monitoring this forum. This year we wish you all a VERY HAPPY THANKSGIVING :o;):) PLEASE DO NOT STOP ASKING QUESTIONS ON THIS SITE, i WILL ANSWER ALL. If I cannot answer a question truthfully I will definitely...

Afternoon All. This month, buy Novermber30, 2011, you must complete IRS Tax Form 2290 Highway Use Tax, This is for trucks with a GVW of 55,000 plus lbs. This includes your trailers, which the GVW is 80,000 lbs and the cost is $550.00 We can fill them and and e-file them for you, or you can...

Hi, Ontario Van Man, thanks for asking that question, TO WESTMICHER If you used the standard mileage rate only in any of the last 5 years you can still use it. IF YOU USED ACTUAL EXPENSES YOU HAVE TO FINISH OUT WITH THEM UNTIL YOU PURCHASE A NEW VAN Frank’s Tax and Business Service...

Unmarried Couples and Home Mortgage Interest It is becoming increasingly common for couples to live together and remain unmarried, which can lead to potential tax problems when they share the expenses of a home but only one of the couple is liable for the debt on that home. Home mortgage...

It’s Time for Year-End Tax Planning We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Regardless of what Congress does late this year or early next, solid tax savings can be realized by taking advantage of tax...

(QUOTE) Frank....Thanks for digging in and checking it out...:D aren't you glad I was such a nag about it?....LOL i had an audit done on one of my cleints, and they were picking up and delivering Tractors, RV's, and other freight, but use there own vehicle with towbars. and the IRS has...

Hi All, I admit that I have made a large mistake on this subject, I spoke to the Small Business Division of the IRS ,Today 10-24-2011 with Mr. Michael Woods in Columbia, SC. I had asked him to interept the length of time that this deduction can be used. His answer is based on the IRS Code...