Tax Information for 2011

[Fkatz]

We have Available to all drivers the following items for you to request and it will be attached to your return e-mail

• Starting a Business
• Chosing Your Business Enity
• Chosing An Accountant for the Trucking Industry
• When to change your Accountant or Tax Preparation Persons
• Frank's Information Brochure with Individual Tax preparation, Accounting and Bookkeeping fees
• Starting fees for Corporate & Partnership Tax Returns
• Incorporation of your business
• Income Tax Preparation including previous years returns that were not filed.
• Quarterly Tax Estimated Payment (if needed)
• Employer Payroll
• Cargo Van Per Diem and Mileage Proof Sheet
• Laundry and Shower Proof Sheet
• Saving records
• Fuel Tax Reporting (if needed)
• Federal Form 2290 ( Hwy Use Tax on Trucks)
• What is a Depreicable or not a depreciable Asset
• Length of Time that an Asseta can be Depreicated
• Some tax information for Seinors
• Home Office Deduction and Strick Rules for it
• Standard Itemized Deduction on your Schedule A.
• Collecting Social Security Benefits at Age 62, What is the law?? W-2 or Net Income from Business or Profession. Maximun Income received at this stage.
• What you can Deduct for Per Deim Each Day.
• There Are Many others that are to much to list. you can ask me if it is available or not.
• If I Can Not Answer your Question I Will Refer You Directly to the IRS Publication#, and it is available online at www.irs.gov Forms and Publications.
• Publication 17, is all of the tax information for Individual Taxpayers for everything needed.
• Publication 34 is strickly for Individual Business persons.
• You can also visit my Website At. http://www.prep.1040.com/frankstax

We will answer all emails within one week if possible. or the first available day.

Here is exactly why preparation of tax returns are so complicated. This is what time it takes to prepare a tax return.

Individuals: Average Time depends on what additonal forms are required to complete a persons tax return, it could be anywhere from 10 to 25 hours. it would include,
Sch EIC, Dependents, Schedules, A, B, C, D, E,F R Stock transfers, farm income, plus others. Average Starting Price for Individual without a Business $138.00, and includes mostly all states. There are extra charges for other states
Average Individual tax return with a Business is $250.00 starting Price

Corporations & Partnerships​

Regular Partnerships​

Partnership Corps
"S"Corps
Full "C" Corps
These Corps take approximately up to 80 hours per return to compile and prepare

These are starting prices.
All individual Partnership Returns- $325.00 plus states
All Corporation's $400.00 plus states

If you have any quesions please do not hesitate to ask.

We Thank You Again,

Franklin Katz, ATP, PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: File Your Return Online

Providing Professional Accounting Services and Income Tax Preparation

Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-

 

[mcavoy33]

I didn't want to start a new thread, so I'll just ask my question here.

I'm an employee driver, I've been keeping all of my expense receipts for food and anything that I buy for my job. Do I need to do this? Its a pita.

Or is there a per diem that I can claim because I am working away from home?

 

[paullud]

I didn't want to start a new thread, so I'll just ask my question here.

I'm an employee driver, I've been keeping all of my expense receipts for food and anything that I buy for my job. Do I need to do this? Its a pita.

Or is there a per diem that I can claim because I am working away from home?

I'm not the tax expert but you should just claim the per diem as well which is 80% of $59 a day. It really cuts down on the paperwork.

Posted with my Droid EO Forum App

 

[mcavoy33]

How do I prove what days I am OTR?

 

[usafk9]

You can prove what days you're out with logbooks (don't know what you drive ...van or truck).

If you really are an employee, your per diem is claimed on Schedule A as an itemized deduction. If you're a contractor, it's on Schedule C.

Posted with my Droid EO Forum App

 

[paullud]

Frank has sheets to prove per diem, I would just send him an email.

Posted with my Droid EO Forum App

 

[Fkatz]

If you are a Company Driver you must use

IRS Form 2106, Employee Business Expense.

YOU CANNOT DIRECTLY ENTER THE AMOUNT ON SCHEDULE A,

On line 4, you enter the unreimbursed purchases that you spent on the truck, Windex, pens, paper towels, Porta Potti or any other items that were used for the truck. These must be items that the company does not repay or give you in return.

Line 5B (Subject to DOT Regulations) this is for your Per Diem figure that you enter directly, at $59.00 per day and it will figure the correct deduction

If you put this figure in this line and use a over the counter software, it should figure the correct deduction and carry it to Sch A, Itemized Deductions. on line 21If the company enters any figure in boix 12, or 14 on your W-2 then that amount must be entered on line 7 as reimbursed income. it is not included in line 1 of your W-2. That in turn will be deducted from your Per Diem
and carried forward to the Sch A line 21.

Since Schedule A is for Itemized Deductions it must be over the Standard deduction of $5,700. for Single, and $11,400 for Married Filing Jointly in order for it to be used, this will include, Mortgage Interest, Real Estate Taxes, Vehicle Property Tax ( if Any in your state),

Church contributions, Goodwill, etc. (You Must have actual reciepts to prove these. those items donated to Goodwill, churchs, thrift stores, that are non-cash( you must take pictures of all merchandise, ( you cannot say 3 bags of clothes anymore ( it will not be honored to be deducted.

This is the only problem with company drivers, it will definitely reduce any tax that will be owed. it could reduce it to $0.

Also within line 21, you can deduct any job hunting costs. your tax Preparation fee,, but these amounts must be at least 2% of your Adjusted Gross Income

You can also deduct Medical expenses but must have recipts
Doctors, hospitals, dentists, Specialists, RX, and mileage to and from, but they must be accurate and recorded.
Franklin Katz, ATP, PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: File Your Return Online

Providing Professional Accounting Services and Income Tax Preparation

Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.