Tax Time!

Texasspilot said:
anybody know how much of moving expenses are deductible...i was thinkin hnr block this year...thoughts?
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From my understanding, all of them. I certainly believe this is the case if you relocated because of a job. I deducted all of my moving expenses (except meals) which the program I used recommendeded.

Travel (including lodging) from your old home to your new home (see instructions). Do not include the cost of meals

Transportation and storage of household goods and personal effects (see instructions)
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There it is right off the IRS form.

I haven't used a personal tax service - it would be nice to get an opinion on that as well. I used TurboTax online (turbotax.com) because it was free for federal files and like $30 additional for state filings. It was the first time I've done my taxes by myself, and it walked me through every step of the way.

~wheelsup
 
Look, I think I've sent the opinion that I'm dishonest. That is not the case I'm very much the opposite. I grew up with a Lawyer for a father and I got sick of dishonest people.

What I'm saying is you try to play your tax angle at its very best. Sometimes the IRS disagrees with you and you have to prove otherwise.

Example: I set up an S corp. I run 3,000-4,000 dollars a month through it. Soon after I set it up I bought a truck as a " company truck." Why? because you are allowed to buy a vehicle over 6,000 lbs and use it as a tax deductible item. Well the Gov. thinks I set it up to only use the S corp to purchase a truck. Well yes I did, but I still funnel enough money and pay taxes, to justify it to the Gov that it is a real business, which it is. Now where lays the problem? I pay taxes on the S Corp and my bank account has enough in it to justify a truck and phone bill. The IRS sided with me and said Mr. Dunn you are right sorry for the inconvenvice.

I don't think this makes me a dishonest person. Then again maybe I am off the rocker and don't even know it.
 
I don't think your dishonest..I think you know the system.

Better than friends of mine...they just decided the whole "tax" thing didn't suit them so...they've decided against paying it.
 
heres a good taxloop for you.

my dad bought a brand new infiniti g35 on december 31st, drove it to the office and left it till midnight.

wrote it off as a full year of business use.

:nana2:
 
Thats how it works. He should of bought a truck instead. You can't write off a 100% of an SUV for one year. You have to depreciate it over the life of the vehicle. The law states that if you a purchase a vehicle with a 6' bed, and gross weight of 6,000 lbs. you can write off the entire purchase in one year. Translation = I have to buy a new truck for my Inc. in 2006. I literraly have to save money in sense. Sorry Asher no new 330 Xi looks like its DuraMax time.
 
Are you sure about that vehicle law, does it depend on the state? I know a guy who owns a construction company and his accountant told him he couldn't write off his truck. That might be because he is not incorporated.
 
frog_flyer said:
heres a good taxloop for you.

my dad bought a brand new infiniti g35 on december 31st, drove it to the office and left it till midnight.

wrote it off as a full year of business use.

:nana2:
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You're dad didn't purchase the car - the company did. That's how you can get away with stuff like this.

However, if the company is ever in trouble financial wise, the car can be reposessed. Not a good thing :).

~wheelsup
 
Ya thats the spirit.

Yes I am sure about the law or iwouldn't be doing it. Besides when we are dealing with the IRS we are doing it at a Federal level. It does depend on how you are set up business wise.
 
How come all these people who are younger than me know how to do all this stuff and I have no clue? And how come I can't find any icons?
 
company is him, he is the company same difference

we considered getting a chevy 2500HD, but classy hookers are cheaper than diesel these days, so we settled for the former :)
 
wheelsup said:
Meals bought on the road? You're kidding, right!?! You get per diem to cover that.
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If I remember correctly, it says you can deduct meals purchased "away from your tax home" and is specifically for pilots, FAs, ATC personnel, etc.

We had a bunch of rampers take that deduction because they read it wrong. They figured that since they worked for an airline, it was all good. I guess they read "away from your home" instead of "away from your tax home." Not a one of them got audited, though.

I'm in the process of trying to figure out what to do with taxes for my meger CFI wage last year. Somehow I doubt I'd get audited for barely cracking $10K.....
 
kellwolf said:
If I remember correctly, it says you can deduct meals purchased "away from your tax home" and is specifically for pilots, FAs, ATC personnel, etc.
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I'm no tax expert, but this article seems to answer that question. It looks like we can deduct up to 70% of our meals !?!

http://www.alpa.org/DesktopModules/...View.aspx?itemid=1165&ModuleId=1532&Tabid=256

If this is true I'm going to start saving my receits and not worry so much about bringing oatmeal in my laptop case...

~wheelsup
 
jdflight said:
I have no idea what you're talking about, Joe!
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I was meaning Icon in the sense of hero, icon, look up too and I was refering to myself. Bad joke, funny in my own head.
 
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