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Advice on taxes, stuff not paid by an employer???

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  • Advice on taxes, stuff not paid by an employer???

    I work for a small company of about 5 guys. We travel the US fixing aircraft. Our mileage is not paid, but the fuel is covered on our company card. So I plan to deduct mileage for the trips that I drive my truck on. Sound right? I really have no commute. I work out of my truck or out of a box of tools I take on the airlines. Our business address is the owners house and we rent a space at a small airport for insurance reasons and I've never even seen the place. So all my driving around should be allowed right?

    Now, the big ? is this, Our meals and other expenses that are not directly billed back to our customer is not covered by our company. When we are on the job we pay our own meals and such, is that a travel expense that the Gov will allow us to itemize if we keep the paperwork???

    I have to find me a good CPA to handle my junk

  • #2
    I'm a CPA, but I don't do a lot of taxes (I did audit for 5 years). However I do not believe meals are deductible unless they are a business meal (with clients) and even then, they are only 50% deductible. However, there may be special rules for your situation. There are also rules about deducting mileage. for example, if you ever get audited you will need to have a mileage book to show what the mileage was before your trip and what it was after unless you only use the truck for work 100%. My best advice is to either read the IRS tax code, which is huge and available online, or hire a CPA. it will be worth it for you.

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    • #3
      Also, just saw this thread. contact him:

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      • #4
        Originally posted by learfxr View Post
        I work for a small company of about 5 guys. We travel the US fixing aircraft. Our mileage is not paid, but the fuel is covered on our company card. So I plan to deduct mileage for the trips that I drive my truck on. Sound right? I really have no commute. I work out of my truck or out of a box of tools I take on the airlines. Our business address is the owners house and we rent a space at a small airport for insurance reasons and I've never even seen the place. So all my driving around should be allowed right?

        Now, the big ? is this, Our meals and other expenses that are not directly billed back to our customer is not covered by our company. When we are on the job we pay our own meals and such, is that a travel expense that the Gov will allow us to itemize if we keep the paperwork???

        I have to find me a good CPA to handle my junk
        if you need a good CPA let me know and I will give you the number to mine, she is awesome and is located in kaufman.

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        • #5
          I say hire a CPA, they don't charge much. My CPA only charged me $150 to do 2007 returns and to clean up my mess for previous two years. He is good and very busy guy, he audited one of the previous small companies I worked for.

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          • #6
            Thanks
            It just worries me that I won't get a good cpa by calling around. I need 3 years worth of stuff fixed

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            • #7
              your lunches while on the road should be allowed to write off on your taxes. to what percent is a differnet story but if you handle it the right way then it can be taken care of very easily.

              i take clients out to eat alot and have to do some traveling for my job. i have always been able to save my receipts and write them off on my taxes. I also use a mileage book as well and while it is a pain in the butt it is well worth it.

              a CPA will be a great asset to you and well worth the cost for the money that he can help you save. I am in fort worth and know of some local CPAs if you would like some help.

              Like everything else it should be an interview. you should be interviewing him for the job and only work with them if there is a fit....

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              • #8
                When I drove truck I was allowed like $38 a day for meals when on the road not sure what the laws will be for 2008.
                The Silver Bullet - 05 LJ Under Construction
                Tigger - 85 CJ-7 Under Full Restoration

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