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A few tax questions

dc843

Seasoned Expediter
Researching
Thats pretty awesome that with all the deductions you dont show enough profit to have to pay anything. Hope thats how it works out for me too!

1 more question about the milage write off....do i write off only the paid miles, or can i write off the actual miles with all the deadhead, going to stores, etc included?
 

RoadTime

Veteran Expediter
Owner/Operator
Thats pretty awesome that with all the deductions you dont show enough profit to have to pay anything. Hope thats how it works out for me too!
Actually, turns out I misspoke about not owing any taxes.
In 2013, I paid $243 :eek::D

Have to keep things "Fair and Balanced" :rolleyes:
 
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Moot

Veteran Expediter
Owner/Operator
I then receive a hefty refund. My refund includes all the taxes that I have had withheld during that year.
If I received a hefty refund every year I certainly wouldn't brag about it on an internet forum or anywhere else. But that's just me. I like to hold on to my money myself. I don't need the government holding it for me.
 
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Moot

Veteran Expediter
Owner/Operator
Thats pretty awesome that with all the deductions you dont show enough profit to have to pay anything. Hope thats how it works out for me too!
Actually, turns out I misspoke about not owing any taxes.
In 2013, I paid $243 :eek::D

Have to keep things "Fair and Balanced" :rolleyes:
Better to pay in April than get a refund in May. Kinda like J. Wellington Whimpy's famous line: "I'll gladly pay you Tuesday for a hamburger today."
 
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Van2017

New Recruit
Owner/Operator
I am a CPA and have an expediting van with a driver...what a coincident. Yes, you can deduct 0.53 per mile and DOT meal allowances 80% ($63) and you don't need LLC to claim deductions.
 

BigStickJr

Veteran Expediter
Retired Expediter
I am a CPA and have an expediting van with a driver...what a coincident. Yes, you can deduct 0.53 per mile and DOT meal allowances 80% ($63) and you don't need LLC to claim deductions.
You have a driver in the van.
Who gets the mileage deduction?
The owner or the driver ?
And at 80% of $63 per day for meals, I’ll be dammed if I’d settle for 1/2 a hotdog.
I’d eat 80% of the dog. Approximately 11dogs covering a two week period.
 
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Van2017

New Recruit
Owner/Operator
The van owner can deduct mileage deduction or vehicle expenses+ amortization. The driver can deduct DOT per diem rate per day on his tax return, plus any other business expenses he incurred (assuming the driver receives 1099)
 
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Worn Out Manager

Veteran Expediter
Owner/Operator
US Air Force
The van owner can deduct mileage deduction or vehicle expenses+ amortization. The driver can deduct DOT per diem rate per day on his tax return, plus any other business expenses he incurred (assuming the driver receives 1099)
If owner keeps only 40% can driver deduct fuel, which would negate owner deductions for mileage??

Sent from my XT1710-02 using EO Forums mobile app
 

Van2017

New Recruit
Owner/Operator
The van owner can deduct mileage deduction or vehicle expenses+ amortization. The driver can deduct DOT per diem rate per day on his tax return, plus any other business expenses he incurred (assuming the driver receives 1099)
If owner keeps only 40% can driver deduct fuel, which would negate owner deductions for mileage??

Sent from my XT1710-02 using EO Forums mobile app
you can't double dip - either fuel deductions or standard mileage deduction. in your case (40%) you can deduct maintenance, repair, insurance and amortization cost.
 

dc843

Seasoned Expediter
Researching
The van owner can deduct mileage deduction or vehicle expenses+ amortization. The driver can deduct DOT per diem rate per day on his tax return, plus any other business expenses he incurred (assuming the driver receives 1099)
If owner keeps only 40% can driver deduct fuel, which would negate owner deductions for mileage??

Sent from my XT1710-02 using EO Forums mobile app
you can't double dip - either fuel deductions or standard mileage deduction. in your case (40%) you can deduct maintenance, repair, insurance and amortization cost.
So if you put a 1099 driver in the van, pay them 60% and they pay fuel, you cant use the mileage deduction while the driver deducts the fuel? I wouldnt think this would be double dipping since you are your driver are filing two separate returns.
 
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