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Tax expenses: actual or standard.

Discussion in 'Business Tips and Taxes' started by VSprinter, Feb 21, 2017.

  1. Worn Out Manager
    Amused

    Worn Out Manager Veteran Expediter Owner/Operator US Air Force

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    Ditto, just made an Xcel sheet that suits my life and record receipts at least once a week to stay curr

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  2. Moot

    Moot Veteran Expediter Owner/Operator

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    I guess it would depend on how long you plan to keep a van and what expenses you would incur during that time. Engine and transmission replacements along with all the regular maintenance can add up over 5 years.
     
  3. Worn Out Manager
    Amused

    Worn Out Manager Veteran Expediter Owner/Operator US Air Force

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    Frank Katz (R.I.P) had a "cheat sheet" that listed all possible deductions. Just reviewing my taxes before finalizing and want to be sure. Does anyone have a copy of it?
     
  4. OntarioVanMan
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    OntarioVanMan Veteran Expediter Owner/Operator

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    if you took the big ones you are probably down to zero by now...no use of attracting attention to your self by over deducting....there is no rebate check by going below $0...
     
  5. Worn Out Manager
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    Worn Out Manager Veteran Expediter Owner/Operator US Air Force

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    I found something similar on another site and reviewed it. You are correct, I got 98% of possible deductions already, no sense in nickle and dimeing the IRS.

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  6. Worn Out Manager
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    Worn Out Manager Veteran Expediter Owner/Operator US Air Force

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    Sure there is, my business losses pass through to my personal return and I get back most of the taxes that my company witholds when they pay us.

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  7. OntarioVanMan
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    OntarioVanMan Veteran Expediter Owner/Operator

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    So you're saying they withhold your money and at the end of the year they give it back to you and call it a refund ?
     
  8. OntarioVanMan
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    OntarioVanMan Veteran Expediter Owner/Operator

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    it's kind of like my estimated quarterly tax payment I get a rebate at the end of the year but it's just my own money back because I over paid LOL
     
  9. fastman_1
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    fastman_1 Veteran Expediter Owner/Operator

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    My business loss gets about 80% of Mrs Fast paid in back..... vacation money


    Lost in Space.
     
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  10. OntarioVanMan
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    OntarioVanMan Veteran Expediter Owner/Operator

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    I guess my point is it was her money to begin with and because of your losses you're getting some of that returned
     
  11. fastman_1
    Arthritic

    fastman_1 Veteran Expediter Owner/Operator

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    Yep, gotta pay our part to keep the government running!


    Lost in Space.
     
  12. Hummer53

    Hummer53 Seasoned Expediter Driver

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    I live in dread of an IRS audit.
     
  13. FlyingVan
    Barefooter

    FlyingVan Moderator Staff Member Owner/Operator

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    Smart people these IRS guys. When we overpay they give it back to us when we file. They get to use our money interest free. But when we don't pay enough they charge us penalties. Either way we do it they win and we loose.
     
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  14. VSprinter

    VSprinter Veteran Expediter Owner/Operator

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    There are plenty software online that lets you input a receipt and tallies things up for you in correct folder automatically. Some even take your receipts straight from bank/credit card, so you don't have to enter anything. Gotta love itemized when almost nothing has to be entered in.
    FYI... I heard you must keep a track of everyday milage for standard(start trip-end trip) , and IRS loves to get people without those.
     
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