Quick answer is yes, the cost of the equipment will lower your tax liability. But longer (and more correct answer) as @kemosabi49 said is to talk...
Like @blairandgretchen said, start with your state SOS. Here's some general info on PA:...
Lumper fee is deductible, but reimbursement is taxable income. Washes out in the end.
I'd suggest starting up the business entity now - and get an EIN accordingly - for no other reason than not having to pass out your SSN on a W9 to...
Depends on how much you net. Previously anything more than about $55-$60k net back to you was worth it. With the new 20% QBI deduction, might be...
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Correct, a new(er) truck, with likely a larger payment, would increase your expenses, and therefore decrease your taxable income. It will also...
You're mostly correct on both assumptions: Yes, you only pay taxes on taxable income - essentially what's left over from gross after you deduct...
Not on your lost time. Parts and materials for the repairs, yes; value of your lost time, no.
As @BrandonCPA said, it's most definitely gone (at least through 2025): [ATTACH] Page 35 of HR1 - 115th H.R.1 - 115th Congress (2017-2018): An...
Have your tax person review Form 982 and see if any of those will apply in your situation. If any of those apply, and it was indeed Cancellation...
Just remember an HSA only works in conjunction with high-deductible insurance plans. If you're on Medicare, you won't be eligible to contribute...
Something's not right. On $40k, you should be ~$6k in SE tax, which leaves $9k for income tax....$9k on $40k net income is almost 25% effective...
Did they send you 1099-MISC or 1099-C (Cancellation of Debt)? 1099-C has a couple exemptions that may be applicable.
Just to be clear as there still seems some confusion. The 2018 tax law actually doesn't nix per-diem, but rather, how it's deducted: O/O or L/P...
Ridgeline - sorry, I did read your first post and thought it was great info. I get the sense you've been here/done that RE: new/used many, many...
100% agree. My objective in looking at this was not to answer "Which is better, new or used??" (everyone has their own opinion), but rather,...
I let TP do the high/low average, but then I had to hand-key that output into Excel. Took maybe 30 mins. I then ran the charts from there, took...
Yes, this is my first post. I've stalked this board long enough and taken lots of good info out of this group. This is me trying to give back a...
