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Hi Sharp, I hope that your are taking all the deductions that you can legally take when you prepare your return. If you would like for me to take a look at them (at no charge) just mail or fax a copy to me mailing address is Frank's Tax & Business Service 226 S...

I Recieved a e-mail from OOIDA about the fuel surcharges, I copied and Pasted to this meassage: National CALL-TO-ACTION On March 10th, the U.S. House of Representatives passed H.R. 3, also known simply as "The Highway Bill". Section 4139 of that bill says that all motor carriers, brokers...

Hi Larry, Your Answer to OLDPROF is correct, I just left off the exact explaination which I did not realize. I had a client walk in to the office to do there tax return. and had to finish up fast didnt edit the format. I really would wait on the estimated tax payments until you have an idea...

Hi Juan, thanks for the phone call this morning, I am sending you a Tax Package going out today per our conversation Frank

NO, you do not have to pay quarterly taxes this year unless you feel that you would want to. if you take the amount of income that you did make since you started and figure each quarter the same for the entire year, it will give you an approximate gross income for this year. you can average...

Hi Sharp327 But according to the IRS there is no way that you can claim depreciation at all on your truck due to the lease/purchase, BUT YOU CAN TAKE THE LEASE PAYMENTS AS A DEDUCTION. The depreciation will be allowed after you finish and purchase the truck at the time of the byout. Then the...

Frank, I have heard that there are expenses that you can claim that you don't need receipts for such as: showers entertainment (movie rentals, audio book rentals) laundry ($10.00 per week) Is this correct? If so are there other things that are non-receiptable expenses that can be climed...

BULLRUSH, On Feb 12, 2005 you stated that you had a copy of the CCM Memo reguarding the Standard Mileage Deduction and said that you would send or e-mail me a copy, to this date I still have not received said Memo. COULD YOU PLEASE SEND IT TO ME ASAP fRANK'S TAX & BUSINESS SERVICE 226 S...

The deductions that are allowed in the transportation industry are definitly for the industry only and are not allowed in a standard business. Log book deduction using a special rate perdiem allowance is the most different due to the regulations based on time left and time returned in 1/4 days...

Your welcome, Anytime Frank

Hi, Any information that you request I will find out if it is correct or not, at any time. And your comments are appreciated. Frank

Hi Again OLDPROF, >The diem is $ 41.00 per day in the US and $46.00 per day in >Canada or Mexico. and is figured at 70% of the total Frank. You asked: Would you explain more about the 70%. If I understand, the $41.00 per diem is a deduction that is taken when you are on the road. It has...

Hi Mike Your question was. Are costs associated with "start-up" considered deductible? For example: Qual-Comm installation, putting logos on the truck, expenses incurred attending orientation, etc. Thanks in advance, Mike The the start up costs are deductiable, but must be listed...

I made a mistake, that was suppose to be May 31, of this year Frank

Hi Bryan, Send it out ASAP, make sure he knows that you filled it out incorrectly, and he is recieving a new one, Did you send in the 1096 as of yet, if not you do not have to send in both, you have until may,3 to do that, if you already did, then yes you have to send in both. make sure...

The Per diem deduction is for all drivers who stay out overnight and sleep in there truck, do a log book or have a record of pick ups and delivery of freight away from there place of abode. The diem is $ 41.00 per day in the US and $46.00 per day in Canada or Mexico. and is figured at 70% of...

Hello, can you clam the perdim ontop of the standard milege deduction? Thank you Jason Hi Jason, In answer to your question, the per diem is a separate deduction and you are able to claim it. This is only if you are on the road and stay out more than 1 night, Inother words, you can not be...

Hi KYoung, I am very sorry I did not answer you sooner Your Questions are/ Each year this one gets me. I have read somewhere that I could pay my wife since she is my co driver, and drove the truck by herself for a few months.? Yes you can, but it is not the proper way to do it since you are...

Bullrush, Still waiting for the copy of that memo E-mail [email protected] Physiclal Address % Frank's Tax & Business Service 226 S. Cherokee ST Kings Mountain, NC 28086 Phone 704-739-4039 Fax: 704-739-3934 Cell: 704-300-5143 Please Thanks Frank

Hi, your question was. We recently sent out a 1099MISC to a driver that no longer drives for us. He drove for us in 2004 and we sent him a 1099MISC to record the income he received for his services to us. However, we put his income in box3 (other income)of the 1099MISC. Should we have put that...