Tax expenses: actual or standard.

Worn Out Manager

Veteran Expediter
Owner/Operator
US Air Force
Offline
Darn it. I used accelerated depreciation on the van. Can't change from that. Back to using all the receipts.
Same here, but I had a second accountant review and it came out better itemized for tax year 2015. Obviously we will be staying itemized but my maintenance, fuel and other truck costs still come out higher than the mileage allowance. I don't have to worry about income, just keep counting the expenses

Sent from my hand-held Etch-A- Sketch
 

Hummer53

Veteran Expediter
Driver
Offline
Sounds like a bunch of you are barely making any money over and above your expenses.
 

OntarioVanMan

Retired Expediter
Owner/Operator
Offline
Making money.. but not on paper.... when you are getting say $50,000 mileage deduction right off the start ... then add in the per diem then subtract tolls and motels... you come down to almost $0.00 in gross adjusted income...
 

OntarioVanMan

Retired Expediter
Owner/Operator
Offline
Darn it. I used accelerated depreciation on the van. Can't change from that. Back to using all the receipts.
Same here, but I had a second accountant review and it came out better itemized for tax year 2015. Obviously we will be staying itemized but my maintenance, fuel and other truck costs still come out higher than the mileage allowance. I don't have to worry about income, just keep counting the expenses

Sent from my hand-held Etch-A- Sketch
I would lose money on doing actual expenses... why anyone would ever chose to add it all up is beyond me... mileage is by far the quickest way to $0.00 then actual
 

Worn Out Manager

Veteran Expediter
Owner/Operator
US Air Force
Offline
I would lose money on doing actual expenses... why anyone would ever chose to add it all up is beyond me... mileage is by far the quickest way to $0.00 then actual
The answer lies in the purchase of a new van and the associated expense of setting it up first year, which leads to the accelerated deprecation model.

Sent from my hand-held Etch-A- Sketch
 

OntarioVanMan

Retired Expediter
Owner/Operator
Offline
I would lose money on doing actual expenses... why anyone would ever chose to add it all up is beyond me... mileage is by far the quickest way to $0.00 then actual
The answer lies in the purchase of a new van and the associated expense of setting it up first year, which leads to the accelerated deprecation model.

Sent from my hand-held Etch-A- Sketch
I chose to stretch out depreciation over five years
 

fastman_1

Veteran Expediter
Owner/Operator
Offline
Nope. Once you commit with that vehicle, you cannot change to the other to get a better tax benefit.

Correct, that's why a good tax guy is worth their wait in gold! The first year they should run it both ways, and go with what's best in the long run


Lost in Space.
 

schwanman

Expert Expediter
Offline
I was told by CPA you can change actual to standard but not vice a versa unless you purchase new vehicle? True? Also I run a van with low expenses and one meal a day.
Mean and lean for profit so at tax time no where close on deductions to cover? A motel once in awhile.
Any advise?
 

schwanman

Expert Expediter
Offline
Also since you may not have receipts everyday. What's the best way to verify days on the road in a van?
 
Top