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Previously before the Jobs act was passed the deductible Heath Insurance for themselves adn there families self employed were not permittedfor the purpose of calculating self-employment tax. For the 2010 tax year you now are able to deduct the Health Insurance Premimuns for Self employed...

Hi All, Under the act signed by the President (publkic Law-111-240 "THE SMALL BUSINESS LENDING FUNDING ACT", H.R. 5297) ((ITS CALLED THE SMALL BUSINESS JOBS ACT OF 2010)) It brings up provisions of large changes in the current law. and this is one of them used as a revenue raiser...

hi all, It seems that there is a question in reference to the standard mileage rate for Drivers who are leased on with an owner and do not own the vehicle. The owners might be paying for all the other expenses, mechanical, tires, maintenance, they cannot take the mileage rate due they are...

THEY ARE TRYING TO HIT HER WITH THAT ALSO fRANK

HI All, HAPPY THANKSGIVING It seems that one of the persons who has been offering help in curing your tax debt is in trouble again, with the State of California. You can actually read the articles in the Sacremento Bee at Sacbee.com in reference to her Roni Lynn Deutch, "THE TAX LADY"...

Thanks Frank. Since I am working on getting all my documents together for the end of the year I will add that into my spreadsheet. __________________ Jim and Shayne Joerger Owner Operators of D7670 FedEx CC Just a reminder, it only applies to vans. __________________ Greg 1999 Freightliner...

2010 Standard Mileage Rates The standard mileage rate for all business miles has decreased to 50 cents a mile. Effective for transportation expenses paid or incurred on or after January 1, 2010. (Rev Proc 2009-54) The rate for charitable miles remains at 14 cents a mile. The rate has...

Hi all, I can only suggest what should be done between now and December 31th, Try and get all of your invoices, bank statements, receipts, etc. in order to have everything ready for you tax preparer. I would suggest not putting off the filing of your 2010 tax return until the last...

cRAZYNUFF, mileage does not count, only time counts you leave between midnight and 6 AM you recieved full day you leave between 6 AM and Noon is considered a 3/4 day you leave between Noon and 6 PM is considerd 1/2 of a day and if you leavv after 6 PM it is a 1/4 deduction, the irs way of...

Hey Guys and Gals, There is still a great misunderstanding of the per diem, If you leave out on Monday, at 8AM, the is a 1/2 of day, and you go to Nashville, then little Rock, and have a load going back toward the house, it is not concidered time off as long as your under laod, the night...

On the owners 1099 the company that he is leased on to does include all the Fuel Surcharges that he receives, and inturn, you should receive 100% of the fuel surcharges. because it is also included in your 1099, so you are paying tax on it. but the owner should not take any percentage, cause it...

Michigan Governor Approves Tax Amnesty Bill :) On October 5, 2010, Michigan Governor Granholm approved a bill that authorizes a tax amnesty to be held starting May 15, 2011 and ending June 30, 2011. The amnesty applies to all taxes administered by the Department of Treasury that are due before...

Hi All, JUST A REMINDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I am probably repeating myself again, YOU HAVE ONLY 7 DAYS LEFT ON THOSE INCOME TAX EXTENSIONS FOR TAX FILING YEAR 2009, NEXT FRIDAY. OCT 15TH Franklin Katz, ATP ,PA, PB Frank’s Tax and Business Service 120 York Rd Kings...

hI ALL, i have posted this a couple of years ago, of how long you should keep your financial record. Most of you thought that 3 years is what the statute of Limitations says. but that is not true when it pertains to important papers.But that is not true, especially if you won a business...

Its time for your annual Check-up Now is an ideal time to review your financial plan for 2010. You should now have a past year history, or an idea of where your money is going, how your investments are performing, and what your savings are earning. By taking a look at where you stand now, you...

Hi All, Well its that time of year, for all of you procrastinators who deceided to put off the inevitable of having your 2009 tax returns to be filed either this or next week. The final electronical e-filing of your return is next friday October 15, 2010 which must be postmarked by...

THE current per diem rate of $59.00 per day will not change effective today Oct 1, 2010/. It is $59.00 US and $65.00 Mexico or Canada. the current wording is directly from the IRS web site Transportation industry per diem. Effective Oct. 1, 2010, taxpayers in the transportation industry...

The PER DIEM RATE UNTIL September 30, 2010 IS $59.00 PER DAY IN THE US, $63 in Canada If the rate is going to change it will be effective Oct 1, 2010 for then through Sept 30, 2011 No word on the increase in Per Diem rates has been approved as yet. Please check out after Oct 1, for...

Hi, Just returned your e-mail to me directly You do not need a CPA, to do your taxes, just someone who is experience with the trucking induustry Franklin Katz, ATP ,PA, PB Frank’s Tax and Business Service 120 York Rd Kings Mountain, NC 28086-3151 (704) 739-4039 Fax: (704) 739-3934...

Re: 60 / 40 or 40 / 60 ?? -------------------------------------------------------------------------------- My existing accountant was fine when I was in the Landscape field but now I am in the process of finding an accountant that specializes in the trucking industry . A zillion things are...