O/O tax write off

Maybe you didn’t have your company set up right.... business checking account to separate your personal. A business address? Depending on your state home office is a no-no.

 

Our CPA also advised us that if you have any broker fees charges for payment processing as well as factoring fees those are deductible.

 

yes any fees that are involved with any revenue creation or transaction.

 

This why you charge yourself for parking. Gotta think outside the box. I charge myself for 3 parking spots every month. It adds up come tax time

 

How does that benefit you? You are both the payor and the payee. Expense and revenue. No net change to your income?

 

Talk to the accountant. He told me this is how you go about it. He said an office is to hard to prove.

*Note, i do not do my own taxes. I have a trusted accountant for that. He handles a lot of trucking company’s Philly, & South Jersey areas

 

Don't forget to take your full per diem. Any expense related to your job.

 

That’s why I would never let an accountant depreciate my home. A percentage of utilities only. Phone, internet, 100%

 

You can write off Vehicle, 100% of a lease pymt on a Pick up or Van. Also per mile based deduction for use of an Owned vehicle used for business purposes, like getting parts, driving to DMV or ? Must keep a log of mileage, I’ve never done it myself. But have written lease payments on many vehicles over the years.Work clothes. Paper towels, laundry detergent, Entertainment such as books on tape

 

Don’t forget health ins premiums paid. And all out of pocket ( deductible) costs for medicines etc. We total each separately, I’m not sure, but believe the formula they use for premium is a %, and the rest 100%. It changes so much, Accountant well worth the cost.