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Licensed CPA

Discussion in 'Trucker Taxes and Truck Financing' started by BrandonCPA, Dec 16, 2017.

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  1. Dec 16, 2017 #1
    BrandonCPA

    BrandonCPA Bobtail Member

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    20
    Dec 16, 2017
    0
    Hello everyone. I just wanted to introduce myself. The 2017 tax season will be upon us soon and I can imagine people are going to have many questions about taxes or even the new regulations that might be passed here shortly for 2018. If you have questions, please have at it.
     
    BrandonCPA, Dec 16, 2017
    BrandonCPA, Dec 16, 2017
    #1
    Crisvalencia90 Thanks this.
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  3. Dec 16, 2017 #2
    Mark Kling

    Mark Kling Technology Contributor

    10,935
    4,212
    Sep 23, 2007
    Statesville, NC
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    M&IE - yes/no with the new tax laws?
     
    Mark Kling, Dec 16, 2017
    Mark Kling, Dec 16, 2017
    #2
  4. Dec 16, 2017 #3
    BrandonCPA

    BrandonCPA Bobtail Member

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    Dec 16, 2017
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    Hey Mark, M&IE will remain in effect for 2018, but let me preclude this comment by saying this will be a benefit only to Owner Operators.
     
    BrandonCPA, Dec 16, 2017
    BrandonCPA, Dec 16, 2017
    #3
  5. Dec 16, 2017 #4
    Mark Kling

    Mark Kling Technology Contributor

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    Sep 23, 2007
    Statesville, NC
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    Thanks,,, a few posts were suggesting this was going away..

    BTW... Full days is 80% of the $63, Partial days.. is it 75% of the $63 or is it 75%(80%x$63). Pub 463 is kind of unclear on this.
     
    Mark Kling, Dec 16, 2017
    Mark Kling, Dec 16, 2017
    #4
  7. Dec 16, 2017 #5
    BrandonCPA

    BrandonCPA Bobtail Member

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    Dec 16, 2017
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    Mark, in both your instances it is correct, but there is always the 80% step, unless an exception is made. So your latter scenario is completely correct.
     
    BrandonCPA, Dec 16, 2017
    BrandonCPA, Dec 16, 2017
    #5
  8. Dec 16, 2017 #6
    Mark Kling

    Mark Kling Technology Contributor

    10,935
    4,212
    Sep 23, 2007
    Statesville, NC
    0
    Thanks,, That is what we have been posting on TTR for the formula..

    I just wish to say welcome aboard TTR. I am glad someone is here to help drivers as their needs are a little different than a normal business, being either an O/O or Company Driver.

    Mark
     
    Mark Kling, Dec 16, 2017
    Mark Kling, Dec 16, 2017
    #6
  9. Dec 16, 2017 #7
    Mark Kling

    Mark Kling Technology Contributor

    10,935
    4,212
    Sep 23, 2007
    Statesville, NC
    0
    I send you a conversations - upper right of your screen.

    Mark
     
    Mark Kling, Dec 16, 2017
    Mark Kling, Dec 16, 2017
    #7
  10. Jan 10, 2018 #8
    Crisvalencia90

    Crisvalencia90 Bobtail Member

    17
    3
    Feb 16, 2017
    0
    I am just completing my first year as an O/O I don't have a CPA yet can I get any suggestions?
    Thanks!
     
    Crisvalencia90, Jan 10, 2018
    Crisvalencia90, Jan 10, 2018
    #8
  11. Jan 10, 2018 #9
    Jazz1

    Jazz1 Road Train Member

    2,373
    4,970
    May 7, 2012
    Thunder Bay On
    0
    Hire CPA to file your taxes. Its money well spent.
     
    Jazz1, Jan 10, 2018
    Jazz1, Jan 10, 2018
    #9
    Opus, Crisvalencia90 and Justrucking2 Thank this.
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