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Car Expenses - Form
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Description/Scope
Skill Level Time Estimate Materials Equipment-Tools Library Resources Pre-requisite Knowledge
Purpose
Purpose
Who This Applies to
Who
When to Perform
When
Special Circumstances
Warnings & Special Circumstances
Why This Is Important
Usefulness
General Benefits 7 Objectives
Text
This entire site is for educational or informational purposes only. You are not to use the forms, concepts, strategies, or knowledge without assistance from a professional. The author, the corporation, the ISP, Bob Parrish CPA, Bob Parrish CPA, P.C. or other parties related to those or this site do not guarantee or warrantee in any manner the suitability, usefulness, accuracy, timeliness, or results of any portions of this site, nor the links contained in this site which link to other areas. At times, information is taken from other sources and is believed to be accurate, but no verification or confirmation is performed. Furthermore, if any federal or state law invalidates a portion of this disclaimer, the other portions still apply. In addition, any allegations or actions are restricted to arbitration only and must be arbitrated by the Better Business Bureau in Sarasota Florida. Reading of these pages constitutes complete acceptance and agreement with all disclaimer provisions on all pages of this site. .......
Thursday, February 22, 2007 11:45 AM
(What the IRS will ask for to keep your tax deductions)
Annual information (if you have Acrobat reader, you can look at an example prepared by the IRS - Daily car Log Weekly Travel Expense )
| Date | Odometer Reading |
| January 1 - or the first day of your tax year | |
| December 31 - or the last day of your tax year | |
| Total for the year |
New vehicle purchases or trades
The form below is a copy of an Excel spreadsheet. If you own MS Excel you will be able to double click on the link furnished, open the Excel form, save it to yoru disk, fill it in and then return it to me by email. Equipment.xls
Equipment and Loan Information |
||||
New Equipment description: |
||||
Purchase Date |
||||
Dated started using the equipment |
||||
REF NBR |
||||
Trade in description: |
||||
Cost shown on depreciation schedule |
$ - |
|||
Accumulated depreciation |
$ - |
|||
Amount of loan still owing on trade-in |
$ - |
|||
Ref number on depreciation schedule |
||||
Down payment made on the equipment |
$ - |
|||
Check number and date for down payment |
||||
Loan description: |
||||
Annual % Rate |
0.00% |
|||
Amount of loan |
$ - |
|||
Date of loan |
1/0/1900 |
|||
First payment date |
1/0/1900 |
|||
Number of payments |
0 |
|||
Amount of payment |
$ - |
|||
Borrower |
||||
Signer of note |
||||
Who used the equipment or loan proceeds? |
||||
"NET PAYOFF" BALANCE |
||||
DATE |
||||
Total interest charged |
||||
Please attach copies of Reg Z disclosure and the promissory note |
||||
Depreciable basis of new equipment: |
||||
Adjusted basis of trade in |
$ - |
|||
Down payment |
$ - |
|||
Loan proceeds |
$ - |
|||
Tax Basis of new equipment |
$ - |
|||
This information is used to calculate tax depreciation on your depreciable assets. This |
||||
information is used to prepare your tax return and your financial statements. If you borrow |
||||
the money personally and allow a corporation you own to use the equipment - show that |
||||
you are the borrower and the signer of the note. Show that the company has benefit of the |
||||
use of the item[s]. |
||||
Preserve the "Blank Form" |
||||
You may copy the form from one tab/worksheet to a new worksheet |
||||
You may decide to name the w/s tabs with the equipment name |
||||
You may need more than one w/s foreach month |
||||
If this is a lease purchase, then please write in the market value at the date of the lease |
||||
Write in the total number of payments required |
||||
Write in the amount of each payment |
||||
Write down the initial cash payments for the lease |
||||
Write down the requirements for you to own the equipment at the end of the lease. |
||||
The form below is for recording your business trips in your automobile.
| Date | From | To | Miles | Refer to invoice #, etc. | Driver/Business Reason/Contact person |
Law (commentary and citation)
Regs (commentary and citation)
Cases (commentary and citation)
§§§ Law §§§
§274(d)
§§§ Regs §§§
§§§ Cases §§§
This is about Activity Based Taxplanning - maximizing deductions, minimizing cash outlay and maximizing the amount of cash retained and the net worth.
Tax is a subject that many view in order to cut costs. Taxes are a cost just as any other cost. It happens this cost is somewhat intangible and is defined by legislation without a tangible item to view and control. The money is spent and the control of the expenditure is more appropriately administered by someone trained in the law.
This is about Activity Based Costing - methods to cut costs, management accounting, management information systems, decision support systems - in general about being a manager.
Entrance Interview
Exit Interview
From Banking Records
From Customer Records
From Signed Documents
From Your Other Business, or Financial Records
From Corporation or Organization Records (meetings, etc.)
What to do:
Assistance - What to do
Forms - Checklists - Etc.
Financial Statement Presentation
Notes to Financial Statements
How to Make Entries
What Kind of Records to Keep
Bookkeeping Methods - Cash, Accrual and Other
How the Business Entity Affects the Recording
Sole Proprietor
Corporation - C & S
Partnerships - General, Limited, Limited Liability Company, Registered Limited Liability Partnership or Company
Trusts
Tax Exempt
Compliance Checklist
Action Checklist
Alerts & Dangers - Risks
Asset Protection
Your Defense
(What the IRS will ask for to keep your tax deductions)
Annual information (if you have Acrobat reader, you can look at an example prepared by the IRS - Daily car Log Weekly Travel Expense )
| Date | Odometer Reading |
| January 1 - or the first day of your tax year | |
| December 31 - or the last day of your tax year | |
| Total for the year |
New vehicle purchases or trades
The form below is a copy of an Excel spreadsheet. If you own MS Excel you will be able to double click on the link furnished, open the Excel form, save it to yoru disk, fill it in and then return it to me by email. Equipment.xls
Equipment and Loan Information |
||||
New Equipment description: |
||||
Purchase Date |
||||
Dated started using the equipment |
||||
REF NBR |
||||
Trade in description: |
||||
Cost shown on depreciation schedule |
$ - |
|||
Accumulated depreciation |
$ - |
|||
Amount of loan still owing on trade-in |
$ - |
|||
Ref number on depreciation schedule |
||||
Down payment made on the equipment |
$ - |
|||
Check number and date for down payment |
||||
Loan description: |
||||
Annual % Rate |
0.00% |
|||
Amount of loan |
$ - |
|||
Date of loan |
1/0/1900 |
|||
First payment date |
1/0/1900 |
|||
Number of payments |
0 |
|||
Amount of payment |
$ - |
|||
Borrower |
||||
Signer of note |
||||
Who used the equipment or loan proceeds? |
||||
"NET PAYOFF" BALANCE |
||||
DATE |
||||
Total interest charged |
||||
Please attach copies of Reg Z disclosure and the promissory note |
||||
Depreciable basis of new equipment: |
||||
Adjusted basis of trade in |
$ - |
|||
Down payment |
$ - |
|||
Loan proceeds |
$ - |
|||
Tax Basis of new equipment |
$ - |
|||
This information is used to calculate tax depreciation on your depreciable assets. This |
||||
information is used to prepare your tax return and your financial statements. If you borrow |
||||
the money personally and allow a corporation you own to use the equipment - show that |
||||
you are the borrower and the signer of the note. Show that the company has benefit of the |
||||
use of the item[s]. |
||||
Preserve the "Blank Form" |
||||
You may copy the form from one tab/worksheet to a new worksheet |
||||
You may decide to name the w/s tabs with the equipment name |
||||
You may need more than one w/s foreach month |
||||
If this is a lease purchase, then please write in the market value at the date of the lease |
||||
Write in the total number of payments required |
||||
Write in the amount of each payment |
||||
Write down the initial cash payments for the lease |
||||
Write down the requirements for you to own the equipment at the end of the lease. |
||||
The form below is for recording your business trips in your automobile.
| Date | From | To | Miles | Refer to invoice #, etc. | Driver/Business Reason/Contact person |
The following is a form you may use to write the amounts for the year and give to your CPA
