Show income , but show a loss ?

If he pays his dog over 600 dog biscuits he will have to send him a 1099.

 

we have been denied refinance because they dont understand the 2206 irs form which is expences and per diem . they dont get the deductions good luck stay away from b of a

 

Just out of curiousity, what number/dollar amount would you use as a deduction for these MT unpaid miles?

Yes, you can pay yourself to repair the truck...it's referred to as a wage.

One other thing. If you have to juggle numbers around to get approved then is something wrong? You seem to think that paying zero tax because you made zero profit is a good thing and now it's going to bite you in the posterior. I'm not a fan of over paying income tax but holy cow not paying any is ridiculous. That means you aren't profitable and why would a bank or finance company consider you to be credit worthy?

Flame away.

 

Why pay yourself a wage, unless you are incorporated ? Give yourself a w-2 or 1099 ? How and why ?
And no, you do not deduct MT unpaid miles. You deduct the cost of running those miles.

 

The cost of running those miles is deducted directly in fuel costs, tolls and wages and indirectly in oil changes, tires, maintenance etc..

 

Finally someone gets it!

I was hoping to see the number he was going to use as the deduction.

Too many retired CPA's sitting # the lunch counter these days.

 

Actually, keeping all of your receipts is a really good plan. You need a system to sort them into classes... at least by months until you get the hang of how to sort them making it easier for you to do your taxes. A 12-section accordion folder tabbed by month is a good start.

Get receipts for everything! Its easier to just keep everything when you're starting - that way you won't miss out on something you can deduct. BTW... deadhead is just part of the cost of doing business, something you should try to minimize but can't deduct. Drive it as economically as possible.

If you plan on getting a CPA... get one who specializes in transportation. Our profession is quite different when it comes to taxes than say a travelling salesman or for that matter a consultant who travels. Any of the tax shops like H&R Block generally don't have a good handle on our tax problems either. Try this website...

http://truckersyou.com/index.php

...if you want to try some business education material specifically for truckers.