Which bank transactions must be reported to the Feds? | Page 3 | TigerDroppings.com

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LSUcam
LSU Fan
Destin FL
Member since Dec 2011
381 posts

re: Which bank transactions must be reported to the Feds?


Usually armed robberies





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simonizer
LSU Fan
no
Member since Oct 2008
1092 posts

re: Which bank transactions must be reported to the Feds?


quote:

Regarding the car, my business miles are not that much (<1000 last year), so someone advised me to lease my car to my business for $500/month - while I then can't write off mileage, that's $6k a year of lease expenses, plus all gas and all oil changes, maintenance, etc. So we're going to give that a shot this year


but you still have to show 6000 a year in personal rental income for leasing your own car to your business. so you still haven't accomplished anything.






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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
72586 posts

re: Which bank transactions must be reported to the Feds?


quote:

but you still have to show 6000 a year in personal rental income for leasing your own car to your business. so you still haven't accomplished anything.




that's what I was thinking






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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
11861 posts

re: Which bank transactions must be reported to the Feds?


quote:

Is this also true for small business accounts?


Not for mine.






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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
11861 posts

re: Which bank transactions must be reported to the Feds?


quote:

Deduct every mile you drive for business, this deduction alone reduced my taxable income by $15,000 last year, HUGE. Keep a drive log though.


Great advice. My wife is a bookkeeper and the IRS has been cracking down on clients of her firm big time about mileage deductions. No log, no deduction.






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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
11861 posts

re: Which bank transactions must be reported to the Feds?


quote:

Right - what I meant was that it is "my" car and already paid for. But instead of writing off mileage, I'll just lease my own car to my business, thus deducting my "lease payment" along with gas and maintenance.


You have to be careful with that. While it's true that you can lease the car to your company it's also true that you can only charge what is fair and reasonable for a similar lease for that car. If the car generally leases to someone for $299 and you charge your business $500 you may have a problem. You also still need to log your mileage to prove the usage is for business.






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