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S-Corp, LLC, C-Corp, Partnership - Your Choice? Selecting the correct Business Entity is confusing. We will give you the tax options of each Business Entity.
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What is a CPA Mom?
CPA Moms is trade name given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some work from home, other work from personal offices. Not all are moms, there are some dads. Each CPA Mom is independent and licensed by their state CPA agency.
Being in a relaxed environment has many advantages. Lower overhead, faster response time, more availability etc.
To be a member of CPA Moms, the CPA must ALWAYS be in good standing with their state licensing CPA agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company of the CPA Moms, has developed marketing and on line systems to help qualified CPA’s work from their relaxed environment and offer better service at a lower price to the consumer. Since the CPA Moms do taxes and accounting of all complexities, there is always a CPA Mom available for every level of work.
For reliability and dependability of CPA Moms organization click on the Better Business Bureau icon below.
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HOMELESSNESS: A Bad Trucker's Tax Idea
Denise of CPA Tax Moms
When you spend a lot of time on the road, you have to travel light. William McNiell spent almost all of 1998 and 1999 on the road, so the Tax Court lightened his load by about $7,400. Mr. McNiell is a long-haul truck driver. According to the Tax Court, he spent 360 days on the road in 1998 and 345 days on the road in 1999. He whiled away the remaining 5 days of 1998 rent-free at his "partner's" house in Green Bay. His 20 days off for 1999 were spent at a mobile home in Missouri. He deducted his travel, lodging and meal expenses on the road when he filed his 1998 and 1999 tax returns. The tax law permits business travelers to deduct their traveling costs, including food and lodging expenses, when "away from home." For someone constantly on the go, this causes a dilemma: what, exactly, is your "tax home"? The court decided that Mr. McNiell was homeless, at least for tax purposes. "During the tax years at issue, petitioner had no principal place of business, nor did he incur substantial living expenses at a permanent residence... petitioner was constantly on the move due to his work. Consequently, he had no tax home within the meaning of section 162(a)(2) and is not entitled to the claimed deductions for traveling expenses (including meals expenses)." This case breaks no new ground, but it does illustrate a catch-22 for over-the-road drivers, salesmen and others who spend most of their life on the road. The tax law seems to require them to incur the expense of a home base, and to stay there regularly, to deduct their travel, lodging and food. If a trucker spends more time at home, or works out of a fixed terminal, he is likely to get more deductions than someone who is arguably working harder. Unfair? Illogical? It doesn't have to make sense - it's the tax law!
This article may be reprinted or published, as long as the following information and live links are included. Denise is a CPA with a Bachelor degree in Business Administration with a concentration in Professional Accounting from The University of Michigan, Dearborn. She earned her Master of Science in Taxation from Walsh College of Accountancy and Business Administration. She has fifteen years of experience in corporate taxation and public accounting. Denise has three children and she is married to a trucker. To contact Denise More about Trucker's Taxes and Denise
Disclamer: On this pages of this web site you will find resources concerning the trucking industry. This information was collected from many independent sources. The opinions expressed by each source is their opinion and is not necessarily the opinion of Denise or the CPA Moms. Each article or news item offers a different point of view and the source of each. This information is for general information only.
If you want a specific opinion, please contact me.
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Truckers Expenses Related News
Business Groups Happy With Legislative Session (Arkansas News Bureau)By Jason Wiest Arkansas News Bureau LITTLE ROCK - Under a governor who has made negotiation the overarching theme of Arkansas' 86th General Assembly, business groups have fared well and found much to praise in the first eight weeks of the regular session, business representatives say.
Reader Services (The Trucker)WASHINGTON (Feb. 22, 2007) — Rep. Russ Carnahan, D-Mo., has a bill in Congress that would cap the fee truckers pay for the Hazardous Materials Endorsement (HME) at $50.
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