Hi All,
Thanksgiving is just around the corner and it really is time to start getting you paperwork in order so that you can file your 2011 tax returns on time and not ask for an extension.
Remember if you file for an extension and file after April 15th. and you owe tax you only save the 22-25% late filing fee on the unpaid taxes.
YOU STILL ARE CHARGED INTEREST AND PENALTY ON THE UNPAID BALANCE UNTIL PAID.
For thoughs of you who do your own taxes either online or use over the counter software. They will not been on the shelves until sometime in Late December, Tax Act, Tax Cut and Turbo tax These tax programs are not industry specific, especially trucking. There are different rules for our industry that you must know,
The per diem rate per day, and what percentage you can take,
You have to look deep into the over-the-counter software to find the DOT regs for it to calculate correctly.
If you use the standard mileage deduction and you do not have another personal vehicle, make sure the mileage is calcualted with 20% less than you actually show as personal use.
The IRS is auditing the standard mileage use more so then they use to. There are no guarentees, as to when, but who, even though they do not have enough auditors to audit everone,
IT COULD TAKE AS LONG AS 3 YEARS TO BE AUDITED. THE STATUE OF LIMITATIONS FROM THE DATE THE RETURN IS FILED, NOT THE DUE DATE.
If you are audited make sure you have actual mileage recorded on a daily basis, not everytime you fuel, that is not going to pass an audit and your mileage deduction will definitely be denied.
In other words, the mileage starts the day of your 1st load when you leave your home, to the delivery and the layover you decide to go to, and starts all over again on the next load. they are really cracking down on the mileage.
END OF YEAR MILEAGE = XXXXXXX
BEGINNING OF YEAR = xxxxxxxx
TOTAL YEAR MILEAGE = xxxxxxxX
The above format cannot be used ANY MORE.
HERE IS ANOTHER POINT OF INFORMATION THAT MOST OF YOU DO NOT KNOW ABOUT.
IF YOU OWE BACK TAXES THE STATUE OF LIMITATIONS IS 10 YEARS.
THEY CANNOT FORCE YOU TO PAY ANY TAXES OWED PRIOR TO 2000. UNLESS THERE IS A TAX LIEN ON YOUR RECORDS.
Also there are things that the IRS can and will consider uncollectible,
You must be retired, disabled, and/or do not have a pension or annuity
If you have any questions please do not hesitate to ask.
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: File Your Return Online
Franklin Katz, ATP, PA, PB,
Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding related
penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.
Thanksgiving is just around the corner and it really is time to start getting you paperwork in order so that you can file your 2011 tax returns on time and not ask for an extension.
Remember if you file for an extension and file after April 15th. and you owe tax you only save the 22-25% late filing fee on the unpaid taxes.
YOU STILL ARE CHARGED INTEREST AND PENALTY ON THE UNPAID BALANCE UNTIL PAID.
For thoughs of you who do your own taxes either online or use over the counter software. They will not been on the shelves until sometime in Late December, Tax Act, Tax Cut and Turbo tax These tax programs are not industry specific, especially trucking. There are different rules for our industry that you must know,
The per diem rate per day, and what percentage you can take,
You have to look deep into the over-the-counter software to find the DOT regs for it to calculate correctly.
If you use the standard mileage deduction and you do not have another personal vehicle, make sure the mileage is calcualted with 20% less than you actually show as personal use.
The IRS is auditing the standard mileage use more so then they use to. There are no guarentees, as to when, but who, even though they do not have enough auditors to audit everone,
IT COULD TAKE AS LONG AS 3 YEARS TO BE AUDITED. THE STATUE OF LIMITATIONS FROM THE DATE THE RETURN IS FILED, NOT THE DUE DATE.
If you are audited make sure you have actual mileage recorded on a daily basis, not everytime you fuel, that is not going to pass an audit and your mileage deduction will definitely be denied.
In other words, the mileage starts the day of your 1st load when you leave your home, to the delivery and the layover you decide to go to, and starts all over again on the next load. they are really cracking down on the mileage.
END OF YEAR MILEAGE = XXXXXXX
BEGINNING OF YEAR = xxxxxxxx
TOTAL YEAR MILEAGE = xxxxxxxX
The above format cannot be used ANY MORE.
HERE IS ANOTHER POINT OF INFORMATION THAT MOST OF YOU DO NOT KNOW ABOUT.
IF YOU OWE BACK TAXES THE STATUE OF LIMITATIONS IS 10 YEARS.
THEY CANNOT FORCE YOU TO PAY ANY TAXES OWED PRIOR TO 2000. UNLESS THERE IS A TAX LIEN ON YOUR RECORDS.
Also there are things that the IRS can and will consider uncollectible,
You must be retired, disabled, and/or do not have a pension or annuity
If you have any questions please do not hesitate to ask.
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: File Your Return Online
Franklin Katz, ATP, PA, PB,
Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding related
penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.
