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A few tax questions

Discussion in 'Business Tips and Taxes' started by dc843, Feb 14, 2018.

  1. dc843

    dc843 Active Expediter Researching

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    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?
     
  2. RoadTime
    Paranoid

    RoadTime Veteran Expediter Owner/Operator

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    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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    • Ragman
      EO4ME

      Ragman Veteran Expediter Driver

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      All the mileage needed to run your business.
       
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    • Moot
      Confused

      Moot Veteran Expediter Owner/Operator

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      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
      Confused

      Moot Veteran Expediter Owner/Operator

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      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."
       
      Last edited: Feb 21, 2018
    • Van2017

      Van2017 New Recruit Owner/Operator

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      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

      BigStickJr Veteran Expediter Researching

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      A guy that probably understands numbers/P&L/ROI and he puts a driver in a van.
      Hummm.....
       
    • BigStickJr

      BigStickJr Veteran Expediter Researching

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      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

      Van2017 New Recruit Owner/Operator

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      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
      Amused

      Worn Out Manager Veteran Expediter Owner/Operator US Air Force

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      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

      Van2017 New Recruit Owner/Operator

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      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.
       
    • Worn Out Manager
      Amused

      Worn Out Manager Veteran Expediter Owner/Operator US Air Force

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      Thanks, just curious, I'm an O/O and I itemize

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