Search results

Best advice is don't do it. Step away from the idea and find a better investment.

Basically it's based on you getting a hotel room that is reasonable for being work related. If you get a room at the Motel 6 in BFE, Nebraska then it's deductible. If you book the penthouse at Trump Towers for a week then it's viewed as a vacation or not ordinary. A hotel room is viewed as a...

It sounds like a daydream.

The Dave Ramsey method is more of a who cares about your credit score because you're not going to need it approach. It is the method I am working on and I expect to be debt free by winter. Sent from my SCH-I535 using EO Forums mobile app

I'm not a professional accountant but I believe the company you own would have to issue both of you a 1099 and the company would file on the 1099 separately that it received. Sent from my SCH-I535 using EO Forums mobile app

Well it sounds like you don't get the 226 miles back because you were going back to your residence. As an independent contractor you have paid no taxes in so you wouldn't get a refund unless you have kids and get welfare. I'm not sure you would get to write off the lot rent and utilities so if...

Hahaha, yeah right. Sent from my SCH-I535 using EO Forums mobile app

I guess it works out either way and I will just keep using the 1/4 day. Sent from my SCH-I535 using EO Forums mobile app

If you look at page 6 at the top right corner under "Travel for days you depart and return" it says you must prorate those days and using method 1 you can just claim 3/4 of the day. It gets less clear though with the example they use under method 2 which leaves the proration method up to the tax...

I can't get that second link to open. It is based on 1/4 day as far as I know and I never heard of a change but obviously it must have changed if the IRS website says it is different. Sent from my SCH-I535 using EO Forums mobile app

It is broken down by quarter if a day. So if the driver left at 4am Monday and came back at 8pm Friday he would get 5 days. If they left at 7am Monday and got back at 8pm Friday then it is 4 3/4. Sent from my SCH-I535 using EO Forums mobile app

That could be a really bad idea. Sent from my SCH-I535 using EO Forums mobile app

That is not true and typically only happens if the owner has lost everything and gone bankrupt. A small claims verdict is easily enforced and in most places it means I can show up to your place of business with a sheriff and start taking your stuff. Sent from my SCH-I535 using EO Forums mobile app

Could you please explain that a little further? Pretend you are talking to a child. Can you do my state taxes in NY too if I use your services?

She does not drive but the company I drive for sends her the 1099. Is there some other deduction that could be used?

I believe because she only received $3k then she didn't earn enough to pay taxes.

She doesn't drive but is required to travel so I wasn't sure if she gets the same write off.

Due to some insurance issues my wife had to be hired as my loader/unloader and does get a 1099. Since she would have to be on the road with me to do the job is their a tax deduction for her similar to per diem?

You get to write off the cost of tax preparation, I wonder if you get to write off the lube needed for an audit.

To a degree, it is rather pointless to try and protect yourself in this industry with an LLC because you are only protected in your home state. Sent from my ADR6400L using EO Forums mobile app