Thread: Tax time coming
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Old 01-08-2002, 02:24 PM
steveair steveair is offline
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Join Date: Feb 2000
Location: morristown, nj
Posts: 1,073
Hello,

I'm not sure what this 'part time' classification you have means.

If you are running a business along with working full time, the business, in the eyes of the IRS and state is considered FULL TIME from my own experiences.

What this means, is you treat it just as a regular, full time business.

Writing off the vehicle is going to be tricky......you are going to have to keep very good records on the mileage and also learn the codes on how to treat it as a deduction.

For instance, if you drive to work, then go directly from work to the job, and then drive home from the job, you may think that you can write off ALL of the mileage because you technically had to drive the same way to work anyway as you did to the job. The fact is, you will have to deduct the round trip mileage from your full time job as personal mileage, and may only be able to deduct the mileage on top of that as a business expense.

What you are going to find out is that the deduction for you part-time vehicle are going to be much, much lower than you think.......the IRS is very picky when it comes to personal mileage and business mileage......so much so that you may be better off not claiming a thing at this point in the year if you have no records, fuel receipts, etc. Unless you kept a ledger in the vehicle tracking every trip you took for business, a accountant is going to tell you to just forget about it.

Also, not sure how florida is, but here in NJ jan. 15 is the due date for quarterly taxes. In other words, you should be paying taxes NOW............a problem that may arise come April and penalties arise.

The best advice is to go see an accountant , and go see him NOW.

I worked full time for 9 months in 2001 and then went full time for the last 3.........it didn't make a difference in the realm of taxes.

Plain and simple, if you make money, you pay taxes on it.

Really, go see a accountant immediately. It is the best advice I can give.

Also, I hope if you are doing maintenance (mowing, pruning, etc) you have been charging sales tax. If you haven't been, then you are in for a whole other world of headaches.



steve

Last edited by steveair; 01-08-2002 at 02:32 PM.
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