Tax expenses: actual or standard.
- Thread starter VSprinter
- Start date
Darn it. I used accelerated depreciation on the van. Can't change from that. Back to using all the receipts. 
sux to be you....seems you didn't get any advice....?Darn it. I used accelerated depreciation on the van. Can't change from that. Back to using all the receipts.
Darn it. I used accelerated depreciation on the van. Can't change from that. Back to using all the receipts.
A good tax man is worth his weight in gold!
Lost in Space.
no kidding...its like .50 times mileage.....I am done! LOL or pretty close..Darn it. I used accelerated depreciation on the van. Can't change from that. Back to using all the receipts.
A good tax man is worth his weight in gold!
Lost in Space.
In Canada they didn't have the mileage....had to add up EVERY receipt! Time consuming..
Same here, but I had a second accountant review and it came out better itemized for tax year 2015. Obviously we will be staying itemized but my maintenance, fuel and other truck costs still come out higher than the mileage allowance. I don't have to worry about income, just keep counting the expensesDarn it. I used accelerated depreciation on the van. Can't change from that. Back to using all the receipts.
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Making money.. but not on paper.... when you are getting say $50,000 mileage deduction right off the start ... then add in the per diem then subtract tolls and motels... you come down to almost $0.00 in gross adjusted income...
I would lose money on doing actual expenses... why anyone would ever chose to add it all up is beyond me... mileage is by far the quickest way to $0.00 then actualSame here, but I had a second accountant review and it came out better itemized for tax year 2015. Obviously we will be staying itemized but my maintenance, fuel and other truck costs still come out higher than the mileage allowance. I don't have to worry about income, just keep counting the expensesDarn it. I used accelerated depreciation on the van. Can't change from that. Back to using all the receipts.
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The answer lies in the purchase of a new van and the associated expense of setting it up first year, which leads to the accelerated deprecation model.
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I chose to stretch out depreciation over five years
I have no confidence that my body will last 5 years, I have not treated it very well over the years.
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Sux to be you I suppose
Hey, I was talking about the truck body! You're a meanieSux to be you I suppose
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Opps...lolHey, I was talking about the truck body! You're a meanieSux to be you I suppose
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Nope. Once you commit with that vehicle, you cannot change to the other to get a better tax benefit.
Correct, that's why a good tax guy is worth their wait in gold! The first year they should run it both ways, and go with what's best in the long run
Lost in Space.
I was told by CPA you can change actual to standard but not vice a versa unless you purchase new vehicle? True? Also I run a van with low expenses and one meal a day.
Mean and lean for profit so at tax time no where close on deductions to cover? A motel once in awhile.
Any advise?
Mean and lean for profit so at tax time no where close on deductions to cover? A motel once in awhile.
Any advise?