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  1. RLENT

    If you do not already know

    Since the above seems to fly directly in the face of the IRS regulations that I am aware of, please name the relevant IRS document (by Form or Schedule Number) and cite the page number of the document where these regulations (quoted above) are spelled out in plain English. As a cargo van...
  2. RLENT

    How much to save for taxes

    One point in response to Frank's comments on insurance: There may be some insurance that is deductible as a business expense, specifically I'm referring to Occupational Health Insurance (aka Worker's Compensation for self-employed individuals)
  3. RLENT

    Tax help!

    What it actually is depends on whether they've ever actually taken any formal legal steps to create a business entity. Hard to say really, without more data from the OP ...
  4. RLENT

    Tax help!

    What type of legal entity is your business ? Corporation, sole proprietorship/dba, etc. ?
  5. RLENT

    who all shows a loss on 1099 income

    First let say me say that you should really get an accountant or tax preparer - if not on an ongoing basis, then at least for the first year (if that's what this is), so that he can educate you a little. For one thing, there is a limitation by the IRS on how many years you can show a loss...
  6. RLENT

    help

    Is he ? Typically IRS forms/returns ask either for a Social Security number, or an EIN (Employer Identification Number) If you are a 1099 contractor either supply your EIN (if you have sought and received one from the IRS), or your SSN, if you don't have an EIN. If you are a driver, use your...
  7. RLENT

    Mileage Deductions

    I'm not entirely sure because I haven't had a chance to fully research it between loads, but the 15% may merely be a "trigger amount" .... IOW, anything over 15% will have more of a chance of triggering an audit, whereas anything 15% or less won't (or is less likely) In any event, one needs to...
  8. RLENT

    Mileage Deduction

    See this and all will be revealed: Standard Mileage Rates
  9. RLENT

    Being Audited from IRS

    On the missing records - if you can't get access to the actual records you may have to reconstruct them as best you can. One other to know - if you prepare an affidavit (sworn under the penalty of perjury) for such items, the IRS agent auditing you is legally bound to accept them as though...
  10. RLENT

    Being Audited from IRS

    Good advice so far - but also scope out: Publications by Dan Pilla He has written a number of self-help books on how to deal with the IRS - particularly with overzealous or out-of-control agents. He fully explains how the system works (Did you know an auditor's determination is not...
  11. RLENT

    tax person

    I'm not Frank and I didn't do the holiday inn thing either but my guess is that it depends highly on your individual situation. If you want (or need) more deductions now, early in the life of the vehicle, to reduce taxable income, you will certainly be better off taking the per mile rate as...
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