RE: What are the consequences if your tax return s
I am trying to file taxes on my own but I have too much stuff to deduct..lol. No, I am dead serious, I drove my van almost 100k miles and I only made like 41k. Now only deducting the standard mileage I would be around zero profit. If I also deduct the days out, the phone , and interest payed on the van I go like 5000 in minus. So my question is what is the best thing to do here?
P.S. Thank you Frank for all the time and effort you put into this forum. We really appreciate it!
the problem lies in what and where the deductions are to be put, which I really cannot help you with as far as the preparation is concerned, But I can tell you that to show a loss is not problem for at least the first couple years, even though they would like to see a profit.
Question 1, Do you use your van as your personal vehicle also?
you must take about 15% off for personal use.
Question 2 interest on van
Interest, insurance, repairs,fuel, and anything that has to do with the running of the van is not deductiable if you use the standard mileage rates. which have to be broken down from jan 1 to Aug 31 and Sept 1 to Dec 31.
I do not know which program you are using, but if you do not know how toprepare a truckers taxes I would not suggest doing it. have a professional prepare them its worth the $$$ you spend. Remember the return is accurately prepared for you and you do not have to worry where to put the deductions. If I sent you a listing, items have to be grouped together
If you really feel that you can do your own fine, but if this is your first year. you will have a problems due to the items that would have to be depreciated. The Van has to be listed, but no price put in, the other items such as tv, vcr, cooler/refrig, cb, etc MUST BE DEPRECIATED OVER A PERIOD OF YEARS IF THEY ARE OVER $100.
any other question please do not hesitate to ask
Frank
