Tax expenses: actual or standard.

[Worn Out Manager]

Spread Sheet on my lap top


Sent from the deep end.

Ditto, just made an Xcel sheet that suits my life and record receipts at least once a week to stay curr

Sent from my hand-held Etch-A- Sketch

 

[Moot]

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 actual

I guess it would depend on how long you plan to keep a van and what expenses you would incur during that time. Engine and transmission replacements along with all the regular maintenance can add up over 5 years.

 

[Worn Out Manager]

Frank Katz (R.I.P) had a "cheat sheet" that listed all possible deductions. Just reviewing my taxes before finalizing and want to be sure. Does anyone have a copy of it?

 

[OntarioVanMan]

Frank Katz (R.I.P) had a "cheat sheet" that listed all possible deductions. Just reviewing my taxes before finalizing and want to be sure. Does anyone have a copy of it?

if you took the big ones you are probably down to zero by now...no use of attracting attention to your self by over deducting....there is no rebate check by going below $0...

 

[Worn Out Manager]

I found something similar on another site and reviewed it. You are correct, I got 98% of possible deductions already, no sense in nickle and dimeing the IRS.

Sent from my hand-held Etch-A- Sketch

 

[Worn Out Manager]

if you took the big ones you are probably down to zero by now...no use of attracting attention to your self by over deducting....there is no rebate check by going below $0...

Sure there is, my business losses pass through to my personal return and I get back most of the taxes that my company witholds when they pay us.

Sent from my hand-held Etch-A- Sketch

 

[OntarioVanMan]

if you took the big ones you are probably down to zero by now...no use of attracting attention to your self by over deducting....there is no rebate check by going below $0...

Sure there is, my business losses pass through to my personal return and I get back most of the taxes that my company witholds when they pay us.

Sent from my hand-held Etch-A- Sketch

So you're saying they withhold your money and at the end of the year they give it back to you and call it a refund ?

 

[OntarioVanMan]

it's kind of like my estimated quarterly tax payment I get a rebate at the end of the year but it's just my own money back because I over paid LOL

 

[fastman_1]

it's kind of like my estimated quarterly tax payment I get a rebate at the end of the year but it's just my own money back because I over paid LOL

My business loss gets about 80% of Mrs Fast paid in back..... vacation money


Lost in Space.

 

[OntarioVanMan]

it's kind of like my estimated quarterly tax payment I get a rebate at the end of the year but it's just my own money back because I over paid LOL

My business loss gets about 80% of Mrs Fast paid in back..... vacation money


Lost in Space.

I guess my point is it was her money to begin with and because of your losses you're getting some of that returned

 

[fastman_1]

I guess my point is it was her money to begin with and because of your losses you're getting some of that returned

Yep, gotta pay our part to keep the government running!


Lost in Space.

 

[Hummer53]

I live in dread of an IRS audit.

 

[FlyingVan]

Smart people these IRS guys. When we overpay they give it back to us when we file. They get to use our money interest free. But when we don't pay enough they charge us penalties. Either way we do it they win and we loose.

 

[VSprinter]

There are plenty software online that lets you input a receipt and tallies things up for you in correct folder automatically. Some even take your receipts straight from bank/credit card, so you don't have to enter anything. Gotta love itemized when almost nothing has to be entered in.
FYI... I heard you must keep a track of everyday milage for standard(start trip-end trip) , and IRS loves to get people without those.