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12-30-2006, 03:07 PM
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#21
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Montana Master
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
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Don,
Staples, Office Depot, Office Max, Best Buy, Target, Wal-Mart - anywhere that sells software. The help feature on it is from HR Block. I worked for them many, many moons ago and trust them. In January there will be all kinds of deals on the tax software. Free stuff if you buy the tax software. There were several CPAs at the CPA firm I worked for that liked Tax Cut over Turbo Tax and was one of the reasons I went with that software. It is not expensive - like $20 and well worth it. Plus if you itemize you can take the price of the software off as a deduction!
Happy trails...........................
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12-30-2006, 03:23 PM
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#22
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Montana Master
Join Date: Jun 2006
Location: Madison
Posts: 1,239
M.O.C. #5906
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What a place! I have been toying with the idea of getting a computer tax program ever since my tax guy charged me megabucks for a simple straight forward return. Here we are on a RV forum and getting great tax assistance. Whoda thunk it!!!
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12-30-2006, 05:10 PM
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#23
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Montana Master
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
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Don and Bonnie
I agree that the prices charged by CPA firms are really high. If you have a lot of investments and trade a lot, it is warranted. Or if you have a business. However, I did my business as well as my daughter and son-in-laws business on Tax Cut. I also did my Mother's investment return, and my other daughters all used it. We got a lot of mileage out of that $20!!!! BTW I have never been audited. Knock on wood.
Happy trails......................
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12-30-2006, 05:38 PM
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#24
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Montana Master
Join Date: Jul 2006
Location: Pasco
Posts: 986
M.O.C. #5972
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Quote:
quote:Originally posted by pparamore
Mike, My TV and Monty are financed on the same loan (RV Loan), How do I seperate the interest on the TV versus the RV? Or do I need to worry about that?
Phil
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I think Parrothead hit it again...assuming you don't want the lender to give you a breakdown...which is a pain. The percentage method works good and is generally accepted by the IRS.
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12-30-2006, 05:45 PM
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#25
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Montana Master
Join Date: Jul 2006
Location: Pasco
Posts: 986
M.O.C. #5972
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01-02-2007, 03:57 AM
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#26
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Montana Master
Join Date: Oct 2004
Location: Sulphur Springs
Posts: 748
M.O.C. #2220
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Here is another wrinkle to the equation. We deduct 20% of the rig not just the interest, but as a business expense for client entertainment. Which also gives us the writeoff of all maintenance at the same 20%. The TV is also in part owned by the business, 80%. I am a sole propieter which is different in rules of a Corporation or LLC. Why the fractional ownership? If the business owned it in whole then I would have to show that it is not used for personal use. The lines blur in the fractional ownership and harder to prove in either direction. If I take the manager of the shop I contract for to the lake fishing, the whole trip is deductible as entertainment all the way down to a bag of ice. I am pretty comfortable telling this because my CPA tells me real quick when I try to do something that I cannot substantiate.
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01-02-2007, 06:39 AM
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#27
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Montana Master
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
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Rick
You are on target. We did the same but higher percentage when we used the RV instead of hotels when I used it for my travels as a school business consultant. We counted days and used that percentage. When I worked for the CPA firm and used it the same way, they paid for the CG fee, propane, and mileage. Every person's situation is different but the interest definitely qualifies as a second home mortgage interest.
Happy trails..................
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