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Hi Frank, There is a great deal of info here. Thanks for that. I have a couple questions....... Morning Chip; You have asked the following questions; <First, I have just been "permanently laid off" and since I have filed for unemployment. I had been anticipating this for a while and have...

Hi Karyl, I forgot on the Expense. if she is going to be a Corporation, All receipts are required. no exceptions, including showers, laundry, etc, also you must have a Corporate cell phone it can not be a personal one, which means if your wife want to call you at home, she cannot use the...

Hi, Personally and as a Tax Professional I do not think that it is wise at the present time to incorporate in any corporation, but every CPA will tell you to do so, this way they can get a large fee for doing this. If you go to [www.partners-in-business.com] (written by Over the Road...

HI MOUSE, SORRY FOR THE DELAY IN GETTING BACK TO YOU, THE QUESTION THAT YOU ASKED IS? <How does an O/O(cargo van) figure the taxes due during the year? Is there software for this, on when &/or how much to pay? I plan on starting in Oct.'04.> ANSWER, YOU REALLY DO NOT NEED TO UNTIL YOUR...

Hello all, The old per diem rates are changing, I do not have the exact amount at the present time. but it might stay at the current rate of $41, $ $46.00 Canada. Since it was raised last year $1.00 Last year from January 1- Oct 31 the per diem rate was $ 40.00 per day, From Nov, 1 thur...

There are none that I know of, except brokers, if you look on the load board, you would have to look for LTL loads, Call the broker, and see what EACH LOAD OFFERS. Normally the freight of the load boards are probably not what you are looking for in the way of $$$$ but figure it out and as long...

Hi, MRSSLOWPOKE I WOULD SUGGEST FINDING a tax preparer, bookkeeper, or accountant, (does not have to be a CPA, but use only one who specializes in trucking for you will probably might need one. iF YOUR IN THE DETROIT AREA ATTEND THE EXPO AT THE DETROITER, I HAVE A TABLE UNDER THE TENT WHERE...

HI ALL, THIS IS AN UPDATE TO THE PER-DEIM FOR 2004 AND STANDARD MILEAGE DEDUCTION AMOUNTS THE MOST IMPORTANT ITEM IS THIS: YOU MUST KEEP YOUR LOGBOOKS FOR A PERIOD OF NOT LESS THAN 3 YEARS IF A COMPANY DRIVER AND UP TO 10 YEARS IF AN OWNER OPERATOR THE PERDEIM FIGURES FOR 2004 AND THE ACTUAL...

HI JG yOUR QUESTION IS: Is it true that under some special legislation a business can purchase a new cargo van and write-off the entire amount in the year of purchase? I think there was a minimum weight required. If so, can the mileage deduction still be used for an additional source of income...

HI CHILDSAFE, IF YOU READ BLUEBIRD'S ANSWER TO THE CORP VERSES SOLE PROPREITORSHIP YOU WILL SEE WHAT YOU WOULD HAVE TO PAY IF YOU WERE TO GET A TAX ID# YOU DO NOT HAVE THE RESPONIBILITY OF PAYING ANYONE ON A W-2, WEATHER FULL OR PART TIME. MAKE ALL OF YOUR DRIVERS INDEPENDANT CONTRACTORS...

this is a reprint of your question THAT I ANSWERED LAST YEAT 2003 What would be the advantages an disadvantages of incorporation as opposed to sole proprietorship.? Corportations, FIRST OF ALL I WOULD NOT INCORPORATE AT FIRST ESPECIALLY WITH THE COST OF INCORPORATION, AND UNLESS YOU THINK THAT...

THE NEW PER DIEM RATE FOR ALL DRIVERS IS $41.00, U.S. AND $46.00 CANADA. AS OF NOVEMBER 1, 2003 SO IF YOUR ACCOUNTANT OR TAX PREPARER DID NOT TAKE THE NEW DIEM AS OF NOVEMBER 1, YOU WOULD BE ENTITLED TO IT AND FILE AN AMENDED RETURN. EVEN THOUGH ITS ONLY A DOLLAR PER DAY IT STILL WOULD GIVE YOU...

VanMan, Log Books in Alabama,Mississippi, Lousiana, Arizona, California, Oregon, Wyoming, Nebraska, Colorado, have been required for quite some time, Since all commerical vehicles are required to enter the scale house, Eventually all Commerical vehicles including Vans are going to have to log...

Hi Pelle, Sorry for the delay in getting back to you, but I have been busy with tax returns. In Answer to your questions! 1. Who pays the tax,the leasee or the leaser? It would basically depend on how the lease is written, In any normal lease you would pay the taxes each month included...

RE: When I become tax exempt do I have to pay tax Sterling Owner I am not sure of this, but since the original lease was made in prior years, plus I do not think that only having 3 trucks can give you tax exempt status, I do not know Michigan laws on this aspect. I would say the you would...

Hi Woobergoober, sorry for the delay due to being quite busy in the tax office, but I am sorry to also inform that your accountant is correct and you are not entitled to the per diem deduction due to the fact that you are home every night Frank

"IMPORTANT INFORMATION ON DIEM" HI ALL AGAIN, JUST GOT SOME IMPORTANT INFORMATION CONCERNING THE PER DIEM DEDUCTION WHICH WAS UPDATED. IN PUBLICATION # 463 TRAVEL, GIFT AND ENTERTAIMENT EXPENSES. THE STANDARD PER DEIM DEDUCTION FOR THE FOLLOWING DATES ARE AS FOLLOWS: JANUARY 1, 2003-OCTOBER...

HI ALL AGAIN, JUST GOT SOME IMPORTANT INFORMATION CONCERNING THE PER DIEM DEDUCTION WHICH WAS UPDATED. IN PUBLICATION # 463 TRAVEL, GIFT AND ENTERTAIMENT EXPENSES. THE STANDARD PER DEIM DEDUCTION FOR THE FOLLOWING DATES ARE AS FOLLOWS: JANUARY 1, 2003-OCTOBER 31, 2003 TOTALING 299 DAYS...

Andy, There is still other information which was not included, that is deductable, I don't give out all the secrets. Frank

If anyone is interested in an information for taxes for truckers please E-mail me At [[email protected]] with your home address and I will be glad to send you one free, It will include forms for you to fill out for tax preparation for tax year 2003, weather I do them for you, or you bring them to...