taxes and accounting
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You would have to check with other drivers to see who they use, and see who they recommend I myself cannot tell you who to use, or try to use, that is up to you.[h=1]Franklin Katz, ATP,PA, PB[/h][h=1]Frank's Tax & Business Service[/h][h=1]315 E. King St.[/h][h=1]Kings Mountain, NC 28086[/h][h=1]Local # 704-739-4039 Toll Free# 877-857-1040[/h][h=1]E-Mail: [email protected])[/h][h=1]Web: Filing Services[/h][h=1] [/h][h=1]IRS Circular 230 Notice: Unless expressly stated otherwise inthis
transmission, any tax advice contained herein, forwarded with or attached to
this message was not and is not intended to be used, nor may it be relied
upon or used, by any taxpayer for the purpose of (1) the avoidance of any
tax-related penalties under the Internal Revenue Code or applicable state or
local tax law provisions, or (2) promoting, marketing or recommending to
another party any tax transaction or tax-related matters that may be
addressed herein.
[/h]
transmission, any tax advice contained herein, forwarded with or attached to
this message was not and is not intended to be used, nor may it be relied
upon or used, by any taxpayer for the purpose of (1) the avoidance of any
tax-related penalties under the Internal Revenue Code or applicable state or
local tax law provisions, or (2) promoting, marketing or recommending to
another party any tax transaction or tax-related matters that may be
addressed herein.
[/h]
elliharper
Rookie Expediter
You always have free turbotax to take care of all your taxes and accounting problems.
paullud
Veteran Expediter
zorry
Veteran Expediter
Hi All,
If you use Over the counter Software, like Turbo Tax, Tax Cut, Tax Act, or even any preparer returns, be for-warned. According to the Notification that I received yesterday Via Kiplinger's Tax Letter the IRS has hired 16,000 new auditors to audit Small Business Returns, which includes
1. Sole Proprietors & 2. S-Corporations next year.
for #1 They are going after the following Main
A. Standard Mileage Deduction
Mileage must be kept on a daily basis, you cannot use beginning and ending mileage for the year anymore!!!
B. Repairs
(You cannot include any Engine or Transmission overhaul or replacement) They have to be amortized over 5 years as Depreciation
C. Per Diem
Electronic Logs, log books or Trip sheets for cargo vans ( Remember Electronic logs are kept only 6 Months by your Company. You must download and keep all copies for a period of 6 years from tax filing year when you are in business.
You must keep Actual Daily Mileage Logs in order to take this deduction
You cannot use beginning and ending mileage for the year anymore.
D. Sub-contractors.
If you have Drivers that you pay on a 1099 Misc ( You better have a Written Contract with them. they're going to want to see copies of all.
E. Business Checking Account
If you do not have a Business Checking Account separate from your Personal Account you might have big problems, Due to the fact that if you co-mingle your personal and business income and expenses the IRS could consider them all part of your business income and you will be taxed on the total. If you have it set up that way, make sure you open another checking account, it does not have to be in a business name, but strickly used for that purpose. If you have Direct Deposit, Transfer what you need to your personal account for those expenses. Mortgage, Utilities, food, home phone, etc.
F. Payroll
You might want to set up a Payroll for your self, this way it would pay toward any Federal, self Employment taxes, But you must take the Minimum Wage for your State. All but the following States are $7.25 per hour.
California $8.00. Florida $ 7.79 , Georgia $5.15, Illinois. 8.25,
Maine $7.50, Arkansas $6.25, Missouri $ 7.35, Minnesota $6.15
Ohio $7.85, Michigan $7.40
As for # 2 "S" Corps.
1. A Federal Employer Identification Number XX-XXXXXXX, and your S-4 Application for EIN, Not your SSN # XXX-XX-XXXX
2. At an audit they would want to see the following , Your Corporation Papers, and you "S' Election form.
2. Your Corporation Meetings records
3. Copy of the K-1 form and your Individual Tax Return
4.. They would prefer that you have a Payroll deduction set up for all the owners of the corp, whether or not you have only yourself.
Here are a few tips to take into consideration when filling out your tax returns using Over the Counter software.
Be honest, enter only correct information they are looking for what they would this is inflated entries , make sure you have all the pertinent
information in hand if audited. Sometimes what they will do is ask for certain deduction Proof and wind up auditing your whole return, it has happened so be prepared.
Franklin Katz, ATP,PA, PB
Frank's Tax & Business Service
315 E. King St.
Kings Mountain, NC28086
Local # 704-739-4039 Toll Free# 877-857-1040
E-Mail: [email protected])
Web: Filing Services
IRS Circular 230 Notice: Unless expressly stated otherwise inthis transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
If you use Over the counter Software, like Turbo Tax, Tax Cut, Tax Act, or even any preparer returns, be for-warned. According to the Notification that I received yesterday Via Kiplinger's Tax Letter the IRS has hired 16,000 new auditors to audit Small Business Returns, which includes
1. Sole Proprietors & 2. S-Corporations next year.
for #1 They are going after the following Main
A. Standard Mileage Deduction
Mileage must be kept on a daily basis, you cannot use beginning and ending mileage for the year anymore!!!
B. Repairs
(You cannot include any Engine or Transmission overhaul or replacement) They have to be amortized over 5 years as Depreciation
C. Per Diem
Electronic Logs, log books or Trip sheets for cargo vans ( Remember Electronic logs are kept only 6 Months by your Company. You must download and keep all copies for a period of 6 years from tax filing year when you are in business.
You must keep Actual Daily Mileage Logs in order to take this deduction
You cannot use beginning and ending mileage for the year anymore.
D. Sub-contractors.
If you have Drivers that you pay on a 1099 Misc ( You better have a Written Contract with them. they're going to want to see copies of all.
E. Business Checking Account
If you do not have a Business Checking Account separate from your Personal Account you might have big problems, Due to the fact that if you co-mingle your personal and business income and expenses the IRS could consider them all part of your business income and you will be taxed on the total. If you have it set up that way, make sure you open another checking account, it does not have to be in a business name, but strickly used for that purpose. If you have Direct Deposit, Transfer what you need to your personal account for those expenses. Mortgage, Utilities, food, home phone, etc.
F. Payroll
You might want to set up a Payroll for your self, this way it would pay toward any Federal, self Employment taxes, But you must take the Minimum Wage for your State. All but the following States are $7.25 per hour.
California $8.00. Florida $ 7.79 , Georgia $5.15, Illinois. 8.25,
Maine $7.50, Arkansas $6.25, Missouri $ 7.35, Minnesota $6.15
Ohio $7.85, Michigan $7.40
As for # 2 "S" Corps.
1. A Federal Employer Identification Number XX-XXXXXXX, and your S-4 Application for EIN, Not your SSN # XXX-XX-XXXX
2. At an audit they would want to see the following , Your Corporation Papers, and you "S' Election form.
2. Your Corporation Meetings records
3. Copy of the K-1 form and your Individual Tax Return
4.. They would prefer that you have a Payroll deduction set up for all the owners of the corp, whether or not you have only yourself.
Here are a few tips to take into consideration when filling out your tax returns using Over the Counter software.
Be honest, enter only correct information they are looking for what they would this is inflated entries , make sure you have all the pertinent
information in hand if audited. Sometimes what they will do is ask for certain deduction Proof and wind up auditing your whole return, it has happened so be prepared.
Franklin Katz, ATP,PA, PB
Frank's Tax & Business Service
315 E. King St.
Kings Mountain, NC28086
Local # 704-739-4039 Toll Free# 877-857-1040
E-Mail: [email protected])
Web: Filing Services
IRS Circular 230 Notice: Unless expressly stated otherwise inthis transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
Hi All,
If you use Over the counter Software, like Turbo Tax, Tax Cut, Tax Act, or even any preparer returns, be for-warned. According to the Notification that I received yesterday Via Kiplinger's Tax Letter the IRS has hired 16,000 new auditors to audit Small Business Returns, which includes
1. Sole Proprietors & 2. S-Corporations next year.
for #1 They are going after the following:
A. Standard Mileage Deduction
Mileage must be kept on a daily basis, you cannot use beginning and ending mileage for the year anymore!!!
B. Repairs
(You cannot include any Engine or Transmission overhaul or replacement) They have to be amortized over 5 years as Depreciation
C. Per Diem
Electronic Logs, log books or Trip sheets for cargo vans ( Remember Electronic logs are kept only 6 Months by your Company. You must download and keep all copies for a period of 6 years from tax filing year when you are in business.
You must keep Actual Daily Mileage Logs in order to take this deduction
You cannot use beginning and ending mileage for the year anymore.
D. Sub-contractors.
If you have Drivers that you pay on a 1099 Misc ( You better have a Written Contract with them. they're going to want to see copies of all.
E. Business Checking Account
If you do not have a Business Checking Account separate from your Personal Account you might have big problems, Due to the fact that if you co-mingle your personal and business income and expenses the IRS could consider them all part of your business income and you will be taxed on the total. If you have it set up that way, make sure you open another checking account, it does not have to be in a business name, but strickly used for that purpose. If you have Direct Deposit, Transfer what you need to your personal account for those expenses. Mortgage, Utilities, food, home phone, etc.
F. Payroll
You might want to set up a Payroll for your self, this way it would pay toward any Federal, self Employment taxes, But you must take the Minimum Wage for your State. All but the following States are $7.25 per hour.
California $8.00. Florida $ 7.79 , Georgia $5.15, Illinois. 8.25,
Maine $7.50, Arkansas $6.25, Missouri $ 7.35, Minnesota $6.15
Ohio $7.85, Michigan $7.40
As for # 2 "S" Corps.
1. A Federal Employer Identification Number XX-XXXXXXX, and your S-4 Application for EIN, Not your SSN # XXX-XX-XXXX
2. At an audit they would want to see the following , Your Corporation Papers, and you "S' Election form.
2. Your Corporation Meetings records
3. Copy of the K-1 form and your Individual Tax Return
4.. They would prefer that you have a Payroll deduction set up for all the owners of the corp, whether or not you have only yourself.
Here are a few tips to take into consideration when filling out your tax returns using Over the Counter software.
Be honest, enter only correct information they are looking for what they would this is inflated entries , make sure you have all the pertinent
information in hand if audited. Sometimes what they will do is ask for certain deduction Proof and wind up auditing your whole return, it has happened so be prepared.
Franklin Katz, ATP,PA, PB
Frank's Tax & Business Service
315 E. King St.
Kings Mountain, NC28086
Local # 704-739-4039 Toll Free# 877-857-1040
E-Mail: [email protected])
Web: Filing Services
IRS Circular 230 Notice: Unless expressly stated otherwise inthis transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
If you use Over the counter Software, like Turbo Tax, Tax Cut, Tax Act, or even any preparer returns, be for-warned. According to the Notification that I received yesterday Via Kiplinger's Tax Letter the IRS has hired 16,000 new auditors to audit Small Business Returns, which includes
1. Sole Proprietors & 2. S-Corporations next year.
for #1 They are going after the following:
A. Standard Mileage Deduction
Mileage must be kept on a daily basis, you cannot use beginning and ending mileage for the year anymore!!!
B. Repairs
(You cannot include any Engine or Transmission overhaul or replacement) They have to be amortized over 5 years as Depreciation
C. Per Diem
Electronic Logs, log books or Trip sheets for cargo vans ( Remember Electronic logs are kept only 6 Months by your Company. You must download and keep all copies for a period of 6 years from tax filing year when you are in business.
You must keep Actual Daily Mileage Logs in order to take this deduction
You cannot use beginning and ending mileage for the year anymore.
D. Sub-contractors.
If you have Drivers that you pay on a 1099 Misc ( You better have a Written Contract with them. they're going to want to see copies of all.
E. Business Checking Account
If you do not have a Business Checking Account separate from your Personal Account you might have big problems, Due to the fact that if you co-mingle your personal and business income and expenses the IRS could consider them all part of your business income and you will be taxed on the total. If you have it set up that way, make sure you open another checking account, it does not have to be in a business name, but strickly used for that purpose. If you have Direct Deposit, Transfer what you need to your personal account for those expenses. Mortgage, Utilities, food, home phone, etc.
F. Payroll
You might want to set up a Payroll for your self, this way it would pay toward any Federal, self Employment taxes, But you must take the Minimum Wage for your State. All but the following States are $7.25 per hour.
California $8.00. Florida $ 7.79 , Georgia $5.15, Illinois. 8.25,
Maine $7.50, Arkansas $6.25, Missouri $ 7.35, Minnesota $6.15
Ohio $7.85, Michigan $7.40
As for # 2 "S" Corps.
1. A Federal Employer Identification Number XX-XXXXXXX, and your S-4 Application for EIN, Not your SSN # XXX-XX-XXXX
2. At an audit they would want to see the following , Your Corporation Papers, and you "S' Election form.
2. Your Corporation Meetings records
3. Copy of the K-1 form and your Individual Tax Return
4.. They would prefer that you have a Payroll deduction set up for all the owners of the corp, whether or not you have only yourself.
Here are a few tips to take into consideration when filling out your tax returns using Over the Counter software.
Be honest, enter only correct information they are looking for what they would this is inflated entries , make sure you have all the pertinent
information in hand if audited. Sometimes what they will do is ask for certain deduction Proof and wind up auditing your whole return, it has happened so be prepared.
Franklin Katz, ATP,PA, PB
Frank's Tax & Business Service
315 E. King St.
Kings Mountain, NC28086
Local # 704-739-4039 Toll Free# 877-857-1040
E-Mail: [email protected])
Web: Filing Services
IRS Circular 230 Notice: Unless expressly stated otherwise inthis transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.