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Not sure I'd ever view insurance as an "investment ". Oh, and Katz is no more a CPA than I'm a porn star or neurosurgeon. Huge distinction.

I'm curious why you're asking. You considering aligning your site/operations with theirs? You may not like my response.

Might I strongly suggest that you have a professional prepare your taxes for you?

They have to show the income to offset the expense. 1099 needs corrected.

Got to challenge you on that one, Frank. Log books are not the only way to prove you're away from home on business in this profession. Sent from my DROID RAZR using EO Forums mobile app

I wonder why, when I read some of these posts, I feel like I'm watching a presidential debate when one of the debaters looks in the camera and asks who you are going to trust when the phone rings at 3 AM. Fear sells, I guess. In fairness, no matter the fancy-looking acronyms after someone's...

Nope, I'm serious. The KGB, er, IRS, looks at the first five years. If you're not profitable for three of them, your endeavor is a hobby, and those deductions won't be allowed. OP's strategy is sound. Sent from my DROID RAZR using EO Forums mobile app

It makes perfect sense. Sent from my DROID RAZR using EO Forums mobile app

I'm thinking that if they're not married, and they're proprietors, they're not sole. It's a partnership. OP said "our business name." Sent from my DROID RAZR using EO Forums mobile app

Or rather, K-1's and W-2's. Have a friend being audited right now for this very thing. My question: How can you be an "independent" contractor for a company that you own? Sent from my DROID RAZR using EO Forums mobile app

I would advise taking the deduction for every mile driven, if you can prove them. However, I am not a CPA nor an EA. Sent from my DROID RAZR using EO Forums mobile app

I say yes. I'm not a tax preparer.

I would use TurboTax Home & Business, unless you were incorporated, or operate a Limited Liability COMPANY, that elects to be taxed as a corporation, if I were in your shoes. In the latter case, I would use Turbo Tax Basic, then TurboTax Business. And yes, I capitalized Company on purpose.

Re: Tolls Yes, you are.

Re: Tolls Not complicated....I agree. Has been discussed ad nauseum in another post, but it needed to be spelled out. However, I do not agree with you on the 1099 part. If the carrier pays/reimburses/gives money for.......whatever, it is income to the contractor. Correct in that it is revenue...

Re: Tolls I am so peeved right now. Made a huge response, only to be booted off by EO. Sorry for the delay. Apparently, my Canuck truck only likes breaking down and getting hit in the North Country. Regarding whether or not you're getting them added into your income on your 1099 or not...

Re: Tolls They're not there, Moot, because he doesn't turn them in for reimbursement.

Re: Tolls Fair enough. When I return from your home and native land (probably tomorrow), I'll show you why you're shortchanging yourself.

Re: Tolls I'm curious to know why you think that benefits you. This whole "drive less, make more/how much you run for" crap means nothing...... IF YOU DON'T KNOW HOW MUCH YOU"RE KEEPING. Hope I wasn't unclear.

Re: Tolls Let me get this straight: You're telling him to NOT get reimbursement from his carrier, so that he can claim a full deduction? If I do understand this correctly, are you also one of those, um, 'professionals' that advocates buying a new truck every few years for more deductions via...