Search results

Question: I pick up a load on Monday at 6 am and deliver the same day at 5 pm (not in my home area). Then I sit empty waiting in the truck on freight for the next 5 days. Can I claim all of the days both travel and waiting days (6 total) as per diem days?

Hi Frank, I was reading some posts on a tax forum regarding the per diem deduction for an owner/operator and someone indicated that you have to take the actual expenses if filing a Schedule C. Is that correct? Best regards, David

Frank, Many carriers permit Lease Owner/Operators to also have their own authority. I thought that I read a post indicating that having reportable income from both of these sources during a tax year would somehow generate a closer scrutiny by the IRS. Any thoughts?

Dear Frank, Is there a rule of thumb regarding which is the better way to go? I bought a 2008 van in August and I only had about 33,000 miles for 2007. Which method will reduce my tax liability the most.

O/O sells his cargo van in 2006. He gets back into the business in 2007. In the process of purchasing a new van he trades in a personal vehicle, but takes a loss on the trade vehicle. Can the loss on the trade vehicle be a deduction in 2007?

Hi Frank, I sent you an email about the possibility of getting started on the Schedule C now before you get too busy. I have all of the info for 2006 and there will not be any changes between now and January 1, 2007. Best regards, David Hall