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If you took out a loan to pay for your truck, only the interest is deductiable. If you leased your vehicle the lease payment are deductible, and the standard mileage rate would apply to all miles separately, but if you use it for any personal use then between 15% & 20% are not allowed. This...

Sorry, More Van Mileage and Per Diem Questions Cargo Van Mileage Deduct vs Depreciation: As I have read and researched: If one has their own authority and does not lease to a carrier for exclusive use, yet uses many carriers/ brokers, one is considered "For Hire" and standard mileage deduct is...

IR-2010-119: IRS ANNOUNCES 2011 STANDARD MILEAGE RATES The Internal Revenue Service issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard...

Hi Denny 2010, I do not know of any specific tax return preparers who actually knows the trucking industry in Michigan Everyone who does taxes say they do just to get your business no matter who you call. There are a number of professionals who specialize in the trucking business but never...

To all. This is what they are trying to do, but it will be up to each compamy to change there contracts between Expediting Company and its Leasee, and the Leasee and there drivers to read properly within the contract. which would mean that you would have to have a lawyer to do all of these...

HI, If your home is based on Michigan, it is your responsibiity toi pay the michigan state tax, includiong city tax for' battle creek, detroit kalamoozoo, lansing, and grand rapids, since I am not at my desk and in the hospital there i cannot give you the exaCT CITIES. if you are not a...

Dave, All days away from home are used a a perdiem day, even if y9u go to a movie while waiting for a load. Frank

daver, The actual expenses pertain to all trucks over 10,000 GVW, No cargo vans, < C units, D units and E units must use Fuel, tools, repairs, insurance tires additiona oil, additives, office supplies, tax and registrationh fees USE ALSO USE THE PER DIEM IN EITHER TRUCK U USE. dAVE...

Per Deim is a reimbursement for food only, it is figured by1/4 days on the day you leave and the day you return home it works this waY you leave at 3 pm on monday, that gives you 1/2 day gone tues, wed, thurs, and friday you arrive home at 9 pm Friday is becomes a full day due to coming...

Hi, I have a Per Diem Mileage Proof Sheet available that must be used with each loan. Starting with the mileage prior to deadhead, to shipper, to receiver, and to the place where your going to rest after the delivery just e-mail me at [email protected] and request one As...

This is the law on the Standard Mileage Rate Effective January 1, 2010 You must prove the standard mileage rate by entering somewhere the starting mileage and ending mileage for every load. deadhead included. to the point of stoping at a truck stop after deliveryadn laying over. One a new...

hI, sCHEDULE C, SHOULLD BE USE FOR ALL SOLE PROPREITORS NO MATTER WHAT KIND OF BUSINESS YOU HAVE, tHE PER DEIM IS $59.00 PER DAY IN THE US FOR 2010 AND $65.00 PER DAY IN CANADA AND IS SUBJECT TO 80% OF THE TOTAL, You cannot take the full amount of the per day total on line 24 B of Schedule C...

THIS RULING DOES NOT PERTAIN TO FED EX CUSTOM CRITICAL YET, BUT IT MIGHT IN THE FUTURE FedEx Drivers In Multidistrict Litigation Largely Held To Be Independent Contractors In re FedEx Ground Package System, Inc., (DC IN 12/13/2010) In a multidistrict litigation (MDL) in which delivery drivers...

due to the lateness of the President signing the Tax REleif Act of 2010 on December 22, 2010 the IRS is Stateing the following: 2010 Tax Relief Act Delays Start of 2010 Filing Season for Some Taxpayers IR 2010-126 Many taxpayers planning to file their 2010 tax returns early have been...

Year-End Tax Planning Client Letter With Checklists Dear clients, and future clients The midterm elections have changed the Congressional landscape, with Republicans winning control of the House of Representatives and picking up seats in the Senate. Even so, it's still too early to know...

Morning Nestor vehicle upgrades I bought a used cargo van I put into service in August of 2010. I recently added an inverter/battery system and an espar heater. Are any of these improvements tax deductible? Thanks It DEPENDS!. IF Are you planing on using the standard mileage deduction of...

all i can say is WOW Well just got off the phone from the IRS and all i got to say is this ok got tax installments ok trying like anyone to pay my back taxes but what hope have i got at a interest rate of 23.5% cal daily i will be doing this for the rest of my life in paying this back at...

Afternoon All, I have been attending a few tax update seminars over the last week and a half. Here is the tax information that you might be interested in. Prior to the New Small Business Jobs Act of 2010 the penalty is $50.00 for each return with respect to such failure occurs during any...

Hi Pushingmetal No matter, as long as you are subject ot DOT Regulations with your information on the Van you are entitled to the Per Diem. and the Mileage Deduction as long as you have an accurate record Frank Franklin Katz, RTP, ATP ,PA, PB, Frank’s Tax and Business Service 120 York...

It seems that Congress is trying to get every tax dollar they can. They rejected of not filing the information return on all expenses no matter what they are. Right now, buying fuel, maintenance, repairs, tires, even your meals are going to have to get information from the vendor of the...