Documentation needed for deductions
- Thread starter Peace2All
- Start date
FAMOUS AMOS
Expert Expediter
I keep a record of my showers and laundry in a book...date location and amount. (just make sure it coincides with your log book)
ATM fees ...you have your receipts. Comdata fees...your company should sent you a statement each month...in our case, the owner of our truck sends us ours. Hope this helps.
ATM fees ...you have your receipts. Comdata fees...your company should sent you a statement each month...in our case, the owner of our truck sends us ours. Hope this helps.Peace2All
Mar-12-06, 10:04 PM (EST)
What proof do I need if I pay for showers, coin laundry, ATM fees, Comdata fees, etc.? Thanks
It seems that Famous Amos anwered this question for me. But they do not have to coincide with you log book at all, As long as you are off duty at the time it does not make a difference.
ATM fees noramlly are on the receipt that you get out of the machine when using it including the owners fee, or normally it would be on your bank statements
Condata fees should be on your settlements from the company you are leased to
Frank
Mar-12-06, 10:04 PM (EST)
What proof do I need if I pay for showers, coin laundry, ATM fees, Comdata fees, etc.? Thanks
It seems that Famous Amos anwered this question for me. But they do not have to coincide with you log book at all, As long as you are off duty at the time it does not make a difference.
ATM fees noramlly are on the receipt that you get out of the machine when using it including the owners fee, or normally it would be on your bank statements
Condata fees should be on your settlements from the company you are leased to
Frank
Is my cellphone deductible, & if so, how much of it? (I am paying for my teenage daughter's line, which is not a business expense, but the bills clearly differentiate charges for each line). Thanks for your time in answering, because I haven't seen this question addressed anywhere before.
Is my cellphone deductible, & if so, how much of it? (I am paying for my teenage daughter's line, which is not a business expense, but the bills clearly differentiate charges for each line). Thanks for your time in answering, because I haven't seen this question addressed anywhere before.
I'M ON MY WAY!
Cheri1122,
You asked if your cell phone is deductiable and the answer is YES to your line, As long as the bill is separated then you can take your part, excluding the teenage monthly charge, that is not deductiable to you. you may only take the monthly chg for the main phone line.
Frank
I'M ON MY WAY!
Cheri1122,
You asked if your cell phone is deductiable and the answer is YES to your line, As long as the bill is separated then you can take your part, excluding the teenage monthly charge, that is not deductiable to you. you may only take the monthly chg for the main phone line.
Frank
Regarding ATM receipts and bank charges, our bank lists the ATM fees and services charges separately, so is the bank statement documentation ok, or do I still need to keep the actual receipt?
Thanks
Steve & Judy
CR3107
Hi Steve and Judy,
It is best to keep both, you have to keep your bank statements anyway for the length of time specified. just attach the ATM to the statements of which I memtioned in a later post called Retention of Records.
I hope you do not have your business and personal in one account.
If you get audited the IRS will take some of the personal deposits as income into your business unless you can prove they are personal.
If you set up a business Account, you normally will not have to show anything that is personal in the audit.
if you are not a Partnership, LLC, "S" Corp or Reg Corp where you have to have a separate checking account. follow these instructions to set one up
You do not have to get a FEDERAL IDENTIFICATION NUMBER in order to open a business checking account. Your SOCIAL SECURITY NUMBER IS YOUR
FEDERAL ID NUMBER.
Go to the County office or state where you live depending on what your state requires.
Request a ASSUMED NAME DESIGNATION and pay for the paperwork and NotarIied. Once you get that paper you can open a business account.
Use your name plus D/B/A (MAKE UP A CO) LIKE XXXXX DELIVERY SERVICE
DEPOSIT ALL INCOME INTO THIS ACCOUNT ONCE OPENED AND USE A DEBIT CARD FOR ALL TRANSACTIONS, FUEL, REPAIRS, ETC. aLSO WITHDRAW CASH FOR LIVING ON THE ROAD
TRANSFER WHAT INCOME YOU REQUIRE TO MAKE PERSONAL PAYMENTS, into your PERSONAL ACCOUNT.
Mortgage, Property taxes, food when home, expenses for childern and etc.
DO NOT USE YOU PERSONAL ACCOUNT FOR ANY BUSINESS EXPENSE AT ALL.
Frank
Thanks
Steve & Judy
CR3107
Hi Steve and Judy,
It is best to keep both, you have to keep your bank statements anyway for the length of time specified. just attach the ATM to the statements of which I memtioned in a later post called Retention of Records.
I hope you do not have your business and personal in one account.
If you get audited the IRS will take some of the personal deposits as income into your business unless you can prove they are personal.
If you set up a business Account, you normally will not have to show anything that is personal in the audit.
if you are not a Partnership, LLC, "S" Corp or Reg Corp where you have to have a separate checking account. follow these instructions to set one up
You do not have to get a FEDERAL IDENTIFICATION NUMBER in order to open a business checking account. Your SOCIAL SECURITY NUMBER IS YOUR
FEDERAL ID NUMBER.
Go to the County office or state where you live depending on what your state requires.
Request a ASSUMED NAME DESIGNATION and pay for the paperwork and NotarIied. Once you get that paper you can open a business account.
Use your name plus D/B/A (MAKE UP A CO) LIKE XXXXX DELIVERY SERVICE
DEPOSIT ALL INCOME INTO THIS ACCOUNT ONCE OPENED AND USE A DEBIT CARD FOR ALL TRANSACTIONS, FUEL, REPAIRS, ETC. aLSO WITHDRAW CASH FOR LIVING ON THE ROAD
TRANSFER WHAT INCOME YOU REQUIRE TO MAKE PERSONAL PAYMENTS, into your PERSONAL ACCOUNT.
Mortgage, Property taxes, food when home, expenses for childern and etc.
DO NOT USE YOU PERSONAL ACCOUNT FOR ANY BUSINESS EXPENSE AT ALL.
Frank
Thank you for the information Frank.
Since we do not own the truck, we are driving for a fleet owner, should we still have a separate business account?
Steve & Judy
CR3107
Hi Steve & Judy,
Yes. This way you do not have to go though all the hassels of going through 2 accounts to pull up your business expenses. even though you have it separated on paper. it will save you from them going though your personal items as well.
Frank
Since we do not own the truck, we are driving for a fleet owner, should we still have a separate business account?
Steve & Judy
CR3107
Hi Steve & Judy,
Yes. This way you do not have to go though all the hassels of going through 2 accounts to pull up your business expenses. even though you have it separated on paper. it will save you from them going though your personal items as well.
Frank