Workmans Comp writeoff
- Thread starter FLWildman
- Start date
Workmen Comp Insurance or OCCupationl Insurance as most of the companies use is a total wirte off under the Insurance line in Sch C, for all forms of taxpayers, Sole Propreitors, and Corporations
basically you must breakdown alll expenses under the proper line,
like this,
Insurance:
Liability
Collision,
Bobtail
Workmen Comp or Occupational Insurance
Repairs and Maintenance:
Repairs. brakes, turbo, clutches, lights, etc. ( You cannot deduct a Major repair under this line.)
Maintenance
Oil Changes, truck washes, etc
Tires
Only for tires purchased, tire repairs are listed under repairs.
Parts
All parts only, headlights, trailer lights, etc, ( NO LABOR YOU REPAIRED IT YOURSELF
LABOR CANNOT BE DEDUCTED.
ADDITIONAL ENGINE OIL ONLY
Supplies : Additional Fluids; Anti -Freeze, lucas Oil products, Deisel Power,
This is only an idea of how you got to the figures you are entering on each line .for you deductions, If the IRS has these breakdowns, and you are audited it is easier to show them what they are asking for, it might just be for the actual repairs and oil changes, and not the other items.
if you do you own tax return this format will work alot better than just putting in your totals, or you have someone do it for you ask them to do it this way, it might cost you a little more but its worth it in the long run,
Because "IF" your audited they can specify which expense they want to see,"
iF YOU HAVE ANY QUESTIONS PLEASE DO NOT HESITATE TO ASK
Frank’s Tax and Business Service120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: File Your Return Online
Franklin Katz, ATP, PA, PB,
Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services
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 avoiding related
penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.
basically you must breakdown alll expenses under the proper line,
like this,
Insurance:
Liability
Collision,
Bobtail
Workmen Comp or Occupational Insurance
Repairs and Maintenance:
Repairs. brakes, turbo, clutches, lights, etc. ( You cannot deduct a Major repair under this line.)
Maintenance
Oil Changes, truck washes, etc
Tires
Only for tires purchased, tire repairs are listed under repairs.
Parts
All parts only, headlights, trailer lights, etc, ( NO LABOR YOU REPAIRED IT YOURSELF
LABOR CANNOT BE DEDUCTED.
ADDITIONAL ENGINE OIL ONLY
Supplies : Additional Fluids; Anti -Freeze, lucas Oil products, Deisel Power,
This is only an idea of how you got to the figures you are entering on each line .for you deductions, If the IRS has these breakdowns, and you are audited it is easier to show them what they are asking for, it might just be for the actual repairs and oil changes, and not the other items.
if you do you own tax return this format will work alot better than just putting in your totals, or you have someone do it for you ask them to do it this way, it might cost you a little more but its worth it in the long run,
Because "IF" your audited they can specify which expense they want to see,"
iF YOU HAVE ANY QUESTIONS PLEASE DO NOT HESITATE TO ASK
Frank’s Tax and Business Service120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: File Your Return Online
Franklin Katz, ATP, PA, PB,
Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services
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 avoiding related
penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.