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 DEDUCTION FIGURE IS 70% OF THE TOTAL.
$41.00 PER DAY LOGGED OR WRITTEN PROOF FOR TRAVEL IN THE US.
$46.00 PER DAY LOGGED OR WRITTEN PROOF FOR TRAVEL IN CANADA OR MEXICO
YOUR DAYS ARE NOT BASED AS A FULL DAY BUT AS PER LOGGED.
IF YOU LEAVE YOUR HOME BETWEEN 9 AM AND NOON. YOU LOGGED THAT DAY AT 3/4 OF A DAY AND ETC,
MIGHTNITE TO 6 AM, FULL DAY
6 AM TO NOON 3/4 OF A DAY
NOON TO 6 PM 1/2 OF A DAY
AND 6 PM TO MIDNITE 1/4 OF A DAY
IF YOU ARE AUDITED ON ANY PART OF YOUR 1120, 1120 "S", LLC OR SCH "C" YOU MUST HAVE ACCURATE RECORDS OF ALL EXPENSES, LOGBOOKS AND ANY OTHER EXPENSE ITEMS THAT WERE PAID FOR IN THE TAXABLE YEAR FILED
ON EXPENSES UNDER $75.00 MUST BE LISTED IN A NOTEBOOK FOR DAILY EXPENSES AND RECEIPTS ARE NOT NECESSARY, BUT SUGGESTED. EXCEPT FOR FOOD, BUT LISTED FOR EACH DAY.
SAMPLE, LOG BOOKS, PENS, NOTEBOOKS, RULERS, VCR TAPES, AUDIO BOOKS,SNACKS, COFFEE, SODA, ETC/ WITH THE DATE AND AMOUNT.
THEY WILL BE AND ARE CRACKING DOWN ON SCH "C" SOLE PROPREITORS, AND CORPORATION BUSINESS EXPENSES. SO RECEIPTS AND ACCURATE RECORDS ARE IMPORTANT.
FRANK
FRANK'S TAX & BUSINESS SERVICES
226 CHEROKEE ST.
KINGS MOUNTAIN, NC 28086
(704)-739-4039
SEE YOU AT THE EXPO IN AUGUST.
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 DEDUCTION FIGURE IS 70% OF THE TOTAL.
$41.00 PER DAY LOGGED OR WRITTEN PROOF FOR TRAVEL IN THE US.
$46.00 PER DAY LOGGED OR WRITTEN PROOF FOR TRAVEL IN CANADA OR MEXICO
YOUR DAYS ARE NOT BASED AS A FULL DAY BUT AS PER LOGGED.
IF YOU LEAVE YOUR HOME BETWEEN 9 AM AND NOON. YOU LOGGED THAT DAY AT 3/4 OF A DAY AND ETC,
MIGHTNITE TO 6 AM, FULL DAY
6 AM TO NOON 3/4 OF A DAY
NOON TO 6 PM 1/2 OF A DAY
AND 6 PM TO MIDNITE 1/4 OF A DAY
IF YOU ARE AUDITED ON ANY PART OF YOUR 1120, 1120 "S", LLC OR SCH "C" YOU MUST HAVE ACCURATE RECORDS OF ALL EXPENSES, LOGBOOKS AND ANY OTHER EXPENSE ITEMS THAT WERE PAID FOR IN THE TAXABLE YEAR FILED
ON EXPENSES UNDER $75.00 MUST BE LISTED IN A NOTEBOOK FOR DAILY EXPENSES AND RECEIPTS ARE NOT NECESSARY, BUT SUGGESTED. EXCEPT FOR FOOD, BUT LISTED FOR EACH DAY.
SAMPLE, LOG BOOKS, PENS, NOTEBOOKS, RULERS, VCR TAPES, AUDIO BOOKS,SNACKS, COFFEE, SODA, ETC/ WITH THE DATE AND AMOUNT.
THEY WILL BE AND ARE CRACKING DOWN ON SCH "C" SOLE PROPREITORS, AND CORPORATION BUSINESS EXPENSES. SO RECEIPTS AND ACCURATE RECORDS ARE IMPORTANT.
FRANK
FRANK'S TAX & BUSINESS SERVICES
226 CHEROKEE ST.
KINGS MOUNTAIN, NC 28086
(704)-739-4039
SEE YOU AT THE EXPO IN AUGUST.
