Join the 9 million people who found a smarter way to get Expert help

Recent Gasoline Tax questions

I have a question about filing my taxes and I was wondering

I have a question about filing my taxes and I was wondering if somebody could go over some close details vs filing decisions with me about my More situation ,thank you. My name is ***** ***** it's my second year in business-well 18 months.Last year my numbers were high but my profit was low so I didn't owe the IRS much. However this year I profited about $35,000 it's the end of the year now and my taxes advisor is suggesting that I pay myself a certain amount of money (a salary ) so that my tax bracket is lower and I'm just wondering how that works.Will paying myself make my tax margin lower?Will it put me in a lesser, but different tax bracket?is it good to show a $0 profit from the business, after paying myself 25000-30000 dollars as its employee ?Is this a good move or not?My second question concerning the depreciation of my truck and this'll probably have to be answered back and forth because there are some reasons he's not telling me or doing the depreciation of my truck as I'm choosing for him to be doneI know I bought my truck in May 2014 and we included the interest on the loan from May 2014 to December 2014, but we did not include the depreciation of my truck in last year's taxes from May 2014 through December .Therefore the truck has become worth $22,000. lol yeah I know that's a lot of depreciation but these equipments depriciate rapidly and their value goes down fast.In other words I've heard that you can split depreciation up according to your incorporating your own business . But again my question comes down to numbers here and that's the fact of a $50,000 truck being worth $22,000 today meaning the depreciation on the truck from May 2014 until today is $28,000Can I literally go back from May 2014 to include the depreciation where it stands today if we did not include any on last year s tax form.And if I can only include 2015 how would I calculate the depreciation on the truck for last year ? Please....

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
I just became self employed at the end of May 2015 as a driver

I just became self employed at the end of May 2015 as a driver for Uber. The year before that I was unemployed and I remained unemployed for the first part of this year. I made $0 during the first quarter of this year and made $626 during the second quarter of this year. Do I have to pay an estimated tax on June 15 and if so how much and what do I file.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,736 satisfied customers
I sell online and at flea markets. Is the mileage I record

I sell online and at flea markets. Is the mileage I record travelling to and from the flea market a deductible expense for federal income tax and for California income tax?

Read more

Robin D.

Vocational, Technical or Trade School

star-full
20,588 satisfied customers
If we have a dispute over a unfair state tax audit what recourse

If we have a dispute over a unfair state tax audit what recourse do we have and can we keep the state from putting a tax lien on our property before they hear us out.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,736 satisfied customers
My wife and I intend to retire sometime in the next couple

My wife and I intend to retire sometime in the next couple of years.Listed below will be our sources of income.We anticipate a mortgage of around $750 per month with other deductions of around $2000 per year.State and Municipal Pensions = $3,370Social Security = $3,619Other Pension = $300We expect to retire in either Oklahoma or ArkansasCan you tell us what our take home will be in both of the states and assuming current tax law?Thank you

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,736 satisfied customers
I am trying to decide how to take deduct on my taxes all the

I am trying to decide how to take deduct on my taxes all the traveling I do. I have a partnership with my husband, but I traveled over 40,000 miles last year visiting clients over the state of Florida. Should I take my gas receipts as a deduction or use mileage? And if I use mileage what is the dollar amount per mile that I am allowed to claim in 2013?

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
want to ask you another question: how to deduction the car

want to ask you another question: how to deduction the car expenses ? if the share holder bought a car mainly for the S-corp company's use, can the entire amount be deducted from the S-corp income? How to deduct, must file the 4562 form?

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
I bought a vehicle for my business and placed it in service

I bought a vehicle for my business and placed it in service Jan. 2011. Can I depreciate and also take the standard mileage deduction for it? If not, after the 6yrs. depreciation period, can I start taking the standard mileage deduction if it is still in service?Can I continue to take the standard mileage deduction for my old vehicle which I still use regardless? And if I have more than 1 vehicle to claim standard mileage on, where do I do that, as there's only 1 space on part IV of schedule C?

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
I own an LLC. Can I my 10 & 12 yr. old children help me from

I own an LLC. Can I my 10 & 12 yr. old children help me from time to time with a little payment? If so, does it come out of my business account? Do I report to the IRS? And how should I keep the records?

Read more

RD

Self Employed

Master's Degree

star-full
5,572 satisfied customers
View more tax questions
In The News