Question

[layoutshooter]

I am still quite new to this business, only 3 years total and a little over one as an owner. I use a local accountant that we have used for many years. He has handled my wife's real estate businss when she was in that. We stayed with him because we know him and he is very honest with us. What I don't know is if he knows trucking as good a he should. He does have a few other trucking clients but it is not a specailty with him. Is there a such thing as a second oppinion on your returns just to know if he is doing all he can? If there is, how much does it cost? Layoutshooter

 

[pjjjjj]

Do you guys over there have the option to do your returns online?
Over here, we can do them online, and even file them online if we want to. If you have that option, you could try going on one of those sites and going through the exercise yourself, answering all the questions it asks you, and seeing if it comes up with a similar bottom line to your accountant's.
That's assuming tho, that the numbers you're plugging in, in the first place, are correct.

 

[layoutshooter]

Our account tells us are records are better than 95% of the businesses he deals with so I am fairly competant about our numbers. We can and do file online but that just goes to the IRS and I have a funny feeling that they might not have our best interest in mind. I was wondering about a good trucking accountant. I know I would have to pay for that service I was just wanting to know. Layoutshooter

 

[OntarioVanMan]

I would say a second opinion would be good if it stills any doubts you have in your mind. Not all accountants are the same though, some know thru experience what or what not the IRS will accept or deny...

 

[layoutshooter]

True OVM, just trying to be sure. As taxes become more and more anti-business in this country one must be sure of what one is doing. I cannot afford to be giving money away. I doubt that many of us can. layoutshooter

 

[Fkatz]

Hi layoutshooter,

I will gladly go over your tax return, but i must have all of the information to do it properly,

It would depend on how long it will take me, Normally we would be talking roughly 1-2 hours at $38.00 per hour. Probably more in the area of $50.00.

True you can do your own returns online, but is it giving you the correct deduction even they might be the incorrect ones, or not giving additional deductions, you do not know that, But Since I was also a Company Driver, O/O i know what and what not can be deducted.

Did your accountant take showers (only the ones you actually pay for). Laundry and supplies. Truck supplies, or a camera for an accident Max $25.00, Of did you give Business Gifts to some of your brokers, or dispatchers, certian receivers that you go to all the time for better getting into and freight off faster. I know its been done quite often, but you are also limited to $25.00 If you bought a new truck did he take the full amount as depreciation, if he did you have nothing as a deduction the following 3 years. execpt the interest payments. you cannot deduct the payments. So this is what you have to find out from your accountants, or even if you did it yourself online, or over the counter software, you cannot amend your return for depreciation anymore.

did you have a major expense as a repair on your truck, Motor Overhaul, New Engine, Transmission, These items cannot be deducted at the full amount and must be depreciated over 5 years. at the Straight line depreciation method, they cannot be expensed in the year they are incurred.

all you do is either drop off your information, they go thought it and they dont take this or that, they dont call you to find out what this and that was for, or they give it to another person who actually prepares the return, then when it finished he/she calls you and tell you that your return is ready to be picked up and mailed.

That is not the correct way to prepare tax returns, I know that after I recieve the information and put it together, I look and see if it is deductible or not. Mostly they are.
there are exceptions,

Are you getting the correct per diem allowance of $52.00 US and $58.00 Canada, all subject to 80% for 2008, 75% for 2007 for the number of days on the road away from home.

Just ask any question that you might have, I will answer them ASAP normally within a week. E-mail your question to me at [email protected].
or it is done thrugh this web site.

Thank you for your inquiry.

Franklin Katz, ATP, PA, PB
Frank's Tax & Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934

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