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  1. terryandrene

    car rental deduction?

    There are two separate and distict events being discussed. Deductions for an auto rental and deductions for a hotel. For a taxpayer to suggest that he could have taken a legitimate deduction for a hotel, but since he didn't, he can take this other deduction whether authorized or not. Each...
  2. terryandrene

    car rental deduction?

    I'm with crazy on this one. Log it; deduct it. If you used the rental to transport and or safeguard your business equipment such as GPS, CB, computer, BOLS and logs, as well as your personal stuff, you'd have a legitimate reason to deduct the "necessary for business use of the rental." The...
  3. terryandrene

    Depreciation or Standard Mileage Deduction

    Frank: Your comments have inspired me to think about the newest trend with leased expediters. Getting one's own authority to pick-up a load, now and then, when experiencing a dry spell with their carrier. Many of us use the mileage allowance in lieu of depreciation and actual expenses...
  4. terryandrene

    Depreciation or Standard Mileage Deduction

    Many cargo van owners have pondered the choice of depreciation or mileage. The key to the greatest benefit is thinking long term. If you choose depreciation, you can't change to mileage later. Effective January 1, 2007 the standard mileage allowance is 48.5 cents per mile for business miles...
  5. terryandrene

    Groceries

    OVM: Part of what I said about DVDs and cosmetics was tongue-in-cheek. The references some folks make to "meal per diem" that applies to us is officially called the Standard Meal Allowance for Transportation Workers. The deduction for 2007 is 75% of $52 per day ($58 for Canada travels) My...
  6. terryandrene

    Groceries

    My belief is that we may not take the lodging per diem, but some truckers claim the deduction. Keep the receipts and deduct the actual expenses. You can also deduct books, CDs, DVDs, watchdogs, watch cats, showers, cosmetics and anything else that you can imagine that will fit on the "office"...
  7. terryandrene

    Groceries

    It would be unreasonable to think that you could buy $20 worth of food to prepare in your truck, take the tax deduction, and then take the $52 Standard meal allowance deduction. The IRS regulations are clear that you may deduct actual expenses for food OR deduct the Standard meal allownance...
  8. terryandrene

    Groceries

    A $ J It's been my understanding that you may deduct entertainment expenses if you are entertaining a client for the purpose of generating or maintaining a business relationship that produces taxable revenue. Movies during layover wouldn't count.
  9. terryandrene

    Per Diem again

    Frank: Once again the subject of per diem deductions other than the standard meal allownace of $52; US has been addressed. Please share you comments on the trucker eligibility of the per diem deduction which includes hotels.
  10. terryandrene

    CLEAR ON PER DIEM

    Amos: See IRS Publication 463 for the reference of the answer you seek. In summary, you can't take a 1/3 of a day if that is the only day you are gone from home, but you can take an extra 1/3 day if you are gone longer than one whole day. In essence, you must be gone from home long enough to...
  11. terryandrene

    Set aside for taxes

    A recent post by a prospective expediter indicated that his analysis of expenditures would include a 25% set aside for quarterly tax withholding. A good idea to err on the side of too much rather than not enough withholding; however, given the myriad trucker related deductions, not many us need...
  12. terryandrene

    Corporate Liability

    Frank: I seems to me that many small truck expediters want to incorporate for the primary reason of protecting their personal assets from exposure to liability in the event of an accident or other mishap that might cause someone to sue the corporation. A secondary reason is a small FICA tax...
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